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Goldman Sachs names new CEO as it targets Main Street growth

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NEW YORK: Goldman Sachs named David Solomon (pictured) as its new chief executive, implementing a much-telegraphed succession plan as it expands beyond its Wall Street roots to the broader consumer market.


The prestigious investment bank said Solomon, 56, will move from president to the top executive job on October 1, succeeding longtime chief Lloyd Blankfein, 63.


Solomon also will take over the chairman’s seat the end of the year when Blankfein steps down.


The appointment comes as Goldman expands efforts aimed at Main Street customers through online banking and other ventures such as credit cards, even as the bulk of revenues still come from businesses such as merger and acquisition advising.


Deposits in this newer business grew to over $23 billion at the end of the second quarter, Chief Financial Officer Martin Chavez said on Tuesday on a conference call. Chavez also announced plans to enter the British deposit market later this year, the first overseas move for the division.


Part of the reason for the shift — which brings Goldman into competition with JPMorgan Chase, Bank of America and others with retail branches — has been the tighter regulatory environment on banking in the wake of the 2008 financial crisis that has curtailed some riskier activities. A former Bear Stearns banker who joined Goldman in 1999, Solomon worked for a decade as co-head of investment banking at Goldman prior to being tapped as co-president in December 2016. His hobbies include deejaying under the moniker “DJ D-Sol,” a pursuit that has included gigs in Miami and the Bahamas.


“I am honoured and humbled to have the opportunity to lead Goldman Sachs,” Solomon said in a statement. “I am excited about the opportunities for growth and know how vital our culture of client service and teamwork is to our success.” — AFP


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