Goldman Sachs, David M. to become the CEO; good news for the Crypto-world

David M Solomon, the part-time DJ and full-time President of Goldman Sachs, was recently announced as the to-be CEO after the retirement of the current CEO Lloyd C. Blankfein.

In 2006, Blankfein was announced as the CEO of Goldman Sachs. His 12-year long tenure at Goldman Sachs will expire by the end of 2018 after which the current President of Goldman Sachs David M. Solomon will take his position.

Lloyd C. Blankfein planned maneuvers to establish stability at Goldman Sachs and to eradicate its financial crisis during the downfall of investment banks. Blankfein’s contribution towards Goldman Sachs is what he will be remembered for apart from his intellect and salesmen ship. The two nominees for being the next CEO of Goldman Sachs were David M. Solomon and Harvey Schwartz. As Solomon was later declared as the ‘Sole President’, he is now promoted to be the future CEO of Goldman.

Goldman is growing its online-lending business and has increased its trading of currencies as well as commodities. The company is spreading its wings in the digital currency sector for expansion. In the cryptoworld, this could result in drastic changes as Solomon believes in cryptocurrency and its potential as well as his ideas are supported by the team of Goldman Sachs.

Goldman Sachs carried out their first hire in the cryptocurrency unit earlier this year, Justin Schmidt was titled as the Head of Digital Assets.

Goldman Sachs, in late 2017, as reported by Bloomberg, started working on their own trading desk for digital currencies which would be established by summer 2018. To which Goldman Sachs denied saying its “Not true”. Later, Lloyd Blankfein in an interview with CNBC stated:

“What we said was we were opening – we, we are clearing futures in bitcoins for some of our futures clients. We’d clear them. We’re a prime broker and so if our clients are going to do it, we’re going to do it. A principle bitcoin business where we’re going long and short, market making, so far we’re not.”

Lloyd Blankfein last year tweeted saying:

“Still thinking about #Bitcoin. No conclusion – not endorsing/rejecting. Know that folks also were skeptical when paper money displaced gold.”

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