Goldman Sachs sets up CEO path

Goldman Sachs has cleared the path for a new chief executive of the Wall Street firm.

The company confirmed that Harvey Schwartz, its co-chief operating officer, will retire next month. That clears the way for David Solomon to eventually become the next CEO.

Schwartz and Solomon jointly hold the positions of co-chief operating officer and president. Both had been considered likely successors to Lloyd Blankfein, the current CEO.

The Wall Street Journal reported last week that Blankfein was considering retiring at the end of this year, and named both Schwartz, 54, and Solomon, 56, as the only two candidates being considered to replace him. With Schwartz retiring, that would leave only Solomon.