Goldman Sachs Group Inc named David Solomon as its next chief executive officer on Tuesday, ushering in a new era for the Wall Street bank as it expands into different businesses and revamps familiar ones.
Solomon’s promotion from his current role as president and chief operating officer comes months after the 56-year-old investment banker was first reported as next in line to succeed longtime CEO Lloyd Blankfein. His first day in charge is October 1.
“David is the right person to lead Goldman Sachs,” Blankfein said in a statement. “He has demonstrated a proven ability to build and grow businesses, identified creative ways to enhance our culture and has put clients at the center of our strategy. Through the talent of our people and the quality of our client franchise, Goldman Sachs is poised to realize the next stage of growth.”