Goldman taps Solomon, Schwartz in big shakeup

NEW YORK: Goldman Sachs Group promoted Chief Financial Officer Harvey Schwartz and investmentbank co-head David Solomon to copresidents and said Martin Chavez will succeed Schwartz as CFO in the Wall Street firm's biggest management shakeup in a decade.

Schwartz and Solomon succeed Gary Cohn, who's leaving for a job in the Trump administration.

The appointments take effect Jan. 1, when Chavez will become deputy CFO. He'll replace Schwartz when the CFO steps aside at the end of April.

The executives “have distinguished themselves in their respective areas of expertise and I look forward to working with them in formulating and executing our global strategy ,“ Chief Executive Officer Lloyd Blankfein, 62, said in the statement. The promotions position Schwartz and Solomon as possible successors to Blankfein.