Goldman Sachs names David Solomon as next in line to replace CEO Blankfein

Goldman Sachs Group Inc said on Monday that Harvey Schwartz, the bank's president and co-chief operating officer, will retire, paving the way for David Solomon to become sole president and Chief Operating Officer.

Schwartz will retire on April 20, according to a statement from the bank.

The Wall Street Journal reported on Friday that Goldman Sachs Chief Executive Officer Lloyd Blankfein was expected to retire and the bank was not looking beyond presidents and co-chief operating officers Schwartz and David Solomon to replace him.

At the start of 2017, Schwartz became co-chief operating officer alongside Solomon after Gary Cohn left Goldman to become U.

S. President Donald Trump's chief economic adviser.

Schwartz, 53, had been a co-head of trading for several years before being named chief financial officer in 2012. Schwartz moved up the ranks at Goldman Sachs after starting in its commodities trading division, in the same manner as Blankfein.