Goldman Sachs’ new CEO: What to know about David Solomon

Goldman Sachs announced on Tuesday that David Solomon will succeed Lloyd Blankfein as CEO when he retires from the bank later this year.

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Blankfein, one of the most powerful executives on Wall Street, has led Goldman Sachs since 2006, which included guiding the banking giant through the financial crisis.

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Blankfein, 63, will remain as CEO until Oct. 1, and stay on as chairman until the end of the year.

Here are the top things to know about Solomon:

Early career

Solomon, 56, worked in junk bonds at Bear Stearns before joining Goldman.

Bear Stearns, the New York-based global investment bank, failed in 2008 as part of the financial crisis, though Solomon was no longer with the company at that time.

At Goldman Sachs

David Solomon joined Goldman Sachs as a partner in 1999. He led the financing group before becoming co-head of the investment banking division for more than 10 years.

He was named a co-president of the company, with Harvey Schwartz, at the end of 2016, when Gary Cohn left his post with the bank to join the Trump administration.

Solomon was named the sole president of the company in April, after which it was speculated that he would eventually be named as Blankfein’s successor.

DJ D-Sol

The high-profile banking executive made headlines earlier this year after it was discovered that he performs as a disc jockey in his spare time. Solomon uses the stage name DJ D-Sol and has performed regularly as a DJ throughout recent years, according to a New York Times report.

According to Instagram posts, he has played everywhere from Manhattan to the Bahamas. He also released a single on streaming music service Spotify earlier this year.

Solomon is said to be an enthusiastic promoter of work-life balance at the bank, where the Times reported he led a study on improving the quality of life for the firm’s junior bankers, which resulted in new limitations on the amount of weekend hours they are allowed to work.

Wine collection

Aside from disc jockeying, Solomon also enjoys wine. He supposedly has a large collection, which was revealed earlier this year after reports surfaced that his ex-assistant stole $1.2 million worth of wine from him.

The complaint stated that the victim, which was reported to be Solomon, collects “rare and expensive wine.”

Education

Solomon graduated from Hamilton College in New York where he earned a bachelor’s degree in political science and government.