David Solomon has emerged as the favourite to succeed Lloyd Blankfein at the helm of Goldman Sachs after winning a year-long power struggle with his co-president, Harvey Schwartz.
Mr Schwartz, 54, announced his retirement on Monday, leaving the field clear for the 56-year-old Mr Solomon, who hails from the investment banking side of the business. Mr Blankfein and Mr Schwartz rose through Goldman’s commodities trading unit.
Mr Blankfein, 63, recommended to the board last month that Mr Solomon be his successor, according to a person familiar with the conversations.
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