By now it is received wisdom that David Solomon’s apparent victory at Goldman Sachs over rival co-president Harvey Schwartz is a reflection of where the emphasis of that firm is heading – namely, towards investment banking and away from the traders.
Solomon won out partly by virtue of his pedigree in investment banking, whereas Schwartz was hurt by his trading heritage.
That is broadly right, but there is a finer distinction at work too. Both men have had to preside over changes of strategy.
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