Goldman to name David Solomon as CEO early this week

Goldman Sachs is expected to name David Solomon as its next chief executive officer early this week, according to the New York Times.

When Goldman Sachs CEO Lloyd Blankfein hands off to heir apparent David Solomon in the coming months, it will be the investment bank's first change in leadership since 2006. As trading revenues have declined across Wall Street, Goldman in recent years has been relying more on investment banking and asset management for its growth prospects and has even delved into consumer lending. He once joked that he would die at his desk as he was unlikely to be called on by the government to take up a role in...

Bank of America Merrill Lynch announced second-quarter adjusted earnings of $0.63 a share Monday morning, a 43% jump from past year.

Solomon, who is an electronic dance music disc jockey during his spare time, has noted that employee diversity is one of his priorities at Goldman Sachs.

With Blankfein in charge, Goldman became a profit powerhouse, with the onetime commodities salesman steering the company through the worst financial crisis in 80 years. Analysts had expected adjusted earnings of $0.57.

Solomon, who joined the investment bank as a partner in 1999, now serves as the president and chief operating officer of the company.

Now the company has to prove to shareholders and the world that it can overcome its corporate challenges and focus on growing as a company.

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