Goldman Sachs today announced a major change in their upper-level management after Lloyd C. Blankfein retired as Chairman and CEO of the company. It was announced in a press release that the Board of Directors has appointed David Solomon to both the positions.
The retirement of Blankfein will take place on September 30th of this year, upon which he will be appointed as Senior Chairman. He will be succeeded by Solomon the very next day, on October 1st.
Prior to his appointment in this position, Solomon filled roles of President and Co-COO, and also as Global Co-Head of Investment Banking. Notably, he has also performed duties as an electronic dance music DJ under the name DJ D-Sol.
The banker is also positive on Bitcoin [BTC] and other cryptocurrencies. He has said in the past that he did not want to dismiss it, saying that doing so is “too arrogant”. In an interview with Bloomberg, he stated:
“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
On the end of his tenure and passing the reins on to Solomon, Blankfein stated:
“David is the right person to lead Goldman Sachs. 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.”
Interestingly, the bank aims to gain the first mover advantage in offering cryptocurrency services to their clients. Being the fifth-largest bank in the United States due to its asset pool of close to $916 billion, the entry of the bank into cryptocurrency provides positive news to many. This is due to the fact that they were in talks of opening a cryptocurrency trading desk earlier this year.
The bank also posted a 44% rise in profit over the second quarter, which reportedly “blew past” estimates made by Wall Street. This, coupled with the news that the firm is to appoint a head who is positive on cryptocurrencies, could be the green light that will begin the avalanche of adoption.
On his appointment, Solomon stated:
“I am honored and humbled to have the opportunity to lead Goldman Sachs and I appreciate the confidence Lloyd and the Board of Directors have placed in me. I am excited about the opportunities for growth and know how vital our culture of client service and teamwork is to our success.”
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