Goldman Sachs today named David Solomon, 56, as chief executive, replacing Lloyd Blankfein, 63, who has run the US financial institution for 12 years.
“David Solomon will take office on October 1st and his predecessor will leave the company by the end of the year”, the bank said.
The replacement was already expected after the US banking group announced in March that one of its co-chairs, Harvey Schwartz, had left.
With this exit, the other co-president and chief operating officer, David Solomon, became the main contender for Lloyd Blankfein’s succession.
The announcement was made at the same time the bank disclosed its results for the second quarter.
Profits of Goldman Sachs rose 44% over the same period last year to $ 2.35 billion.