Welp, it looks like the day has finally come.
According to The Times, 200 West Street is about to see its first changing of the guard. After months of rumor, it appears that Goldman Sachs is set to officially announce that David Solomon will succeed Lloyd Blankfein as CEO at some point this year:
Goldman Sachs is expected to name its president, David M. Solomon, as its next chief executive early this week, according to people briefed on the plan. The announcement would formally establish Mr. Solomon as the successor to Lloyd C. Blankfein as one of the most powerful executives on Wall Street.
Mr. Blankfein, who presided over record earnings during his 12 years atop Goldman, will stay on for an interim period. Anointing Mr. Solomon, however, most likely makes it easier for him to put his future lieutenants in place.
The announcement could be made as soon as Monday, according to people briefed on the plan who requested anonymity because they were not authorized to discuss it.
The timing of this is indeed interesting. After all, DJ D-Sol vanquished his biggest rival Harvey "Big Harv" Schwartz, a few months ago and has been left to plan his own reign in relative peace, leaving Lloyd to eat a few sins and start packing his shit so he can be out by Christmas. Everyone knows that Solomon is taking over [at least until Marty Chavez, a/k/a "The Prince That Was Promised," is ready to run the show] so making his ascension official in July makes us wonder if Lloyd's departure hasn't been pushed up. And using the Q2 earnings as a rationale for this announcement is understandable, but we also now have to wonder what else is in those earnings.
We're also intrigued by the notion that this all about Solomon getting his own people in place. According to our own sources inside 200 West Street, Solomon has already cast his I-Banking acolyte John Waldron as his Own Private Gary Cohn [we personally doubt this as Middlebury graduates are notoriously disappointing replacements], and that he will also have to staff up a few jobs that are bound to open up simultaneously with Lloyd's departure. On that note, we're now taking action on how quickly Lloyd's chief-of-staff John Rogers takes his Blarney and flattery to the Trump White House. And if this deep palace intrigue piques your interest, we encourage you to check out this deep dive from BI.
Peeling back all the snark and gossip [ie , making us irrelevant], we would just like to take a moment and acknowledge how seismic an event we are witnessing. Lloyd's departure marks the end of one of the most spectacular survival feats in financial history. His 12 years at the helm of Goldman have been epochal, and it's going to be weird to not see his bald pate and objectively adorable forced smile as the face of the world's most powerful financial services company.