Wall Street puzzled by Goldman Sachs’ public succession process

Lloyd Blankfein — Master of the Universe, or “Lame Duck”?

Wall Street has been left with as many questions as answers this week after Goldman Sachs went through an unusually public succession process — with some analysts anxious for more information about when the current chief executive will step down.

Earlier this week, the banking behemoth announced that David Solomon would be the company’s sole president and chief operating officer, ending a year-long succession battle with colleague Harvey Schwartz.

The move effectively designated Solomon the heir apparent.

The process was unusual for Wall Street in general — and Goldman in particular. Goldman has a history of quickly elevating new leaders — as when Blankfein succeeded Henry Paulson in 2006.

“Usually the top guy resigns and the second guy comes in,” Dick Bove, an analyst and Blankfein critic, told The Post. “Nobody wants to publicly designate his successor. It’s a killer to do that.”

Source: NewYorkPost

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