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Through most of its history, Goldman has alternated between traders and bankers as CEOs. There is natural tension between the two sides of the house at most Wall Street banks, especially after the trading losses and scandals that stemmed from the 2007-2009 financial crisis. Nonetheless, Solomon will have to get traders and bankers to cooperate on the revenue growth plan, which depends partly on the idea that customers should rely on Goldman Sachs not just for merger advice or stock offerings, but for all their borrowing, trading and money management needs.

He may also pursue acquisitions to bolster Goldman’s consumer banking operation, or expand into areas like corporate cash management, News of Solomon’s appointment came on the same day Goldman reported second-quarter results, which tiffany infinity cufflinks showed a 44 percent profit rise but ongoing struggles in trading, Beyond the business turnaround, Solomon’s legacy will depend on whether he can fill Blankfein’s shoes, The 63-year-old CEO, who took the helm in 2006, oversaw Goldman Sachs through its most difficult period in modern history, involving a taxpayer bailout during the financial crisis, protests over Goldman’s role in the crisis and massive regulatory changes that curtailed some of its most lucrative businesses..

“We’ve had tough days (or a crisis or two),” he joked in an internal memo viewed by Reuters announcing the succession plan. Blankfein resisted pressure to leave during some of those moments, saying there was no better job to have. But in more recent years, he has joked that he does not want to die on the job like one of his predecessors, Gus Levy, who suffered a fatal stroke at a meeting. He is stepping away at a time when Goldman Sachs is on steadier footing, but needs fresh leadership to reinvent itself, said Marty Mosby, a bank analyst at Vining Sparks.

(Reuters) - Goldman Sachs Group Inc was pressed for details on new businesses after an uneven second-quarter performance, a likely preview of challenges incoming Chief Executive David Solomon will face as he leads the Wall tiffany infinity cufflinks Street bank’s overhaul, The bank on Tuesday confirmed Solomon will take over from Lloyd Blankfein, who has held the position for 12 years, on Oct, 1, ending months of speculation, Solomon is tasked with executing a plan to boost revenue by entering new businesses and refashioning old ones..

The bank has pledged $5 billion more in annual revenue by growing its fledgling consumer bank, squeezing more from businesses like asset management and changing how it approaches trading. Once considered the most savvy Wall Street trading house, it has suffered because of tougher regulation since the financial crisis of 2007-2009 and low market volatility crimping revenues. Goldman’s quarterly profit topped analyst estimates, but equities trading was flat and higher fixed-income trading followed a notably weak year-ago period.

Its shares, down 10.6 percent since the start of the year, were down 1.6 percent at midday, In a research note, Wells Fargo analysts attributed the decline to questions about the bank’s shift in focus and noted Solomon’s absence from the earnings call, Goldman Chief Financial Officer Martin Chavez told analysts on the call that Solomon’s promotion was “all part of the strategy.”, “You’ll see here the emphasis on more recurring fee-based revenue and you’ve seen that in the results, The emphasis tiffany infinity cufflinks on the growth plan, on driving revenue and earnings growth,” he said..

Chavez was also questioned on whether the bank was looking to improve disclosure and transparency for newer businesses. The bank gave some details on its new consumer lending business, Marcus, for which it has big ambitions, including a planned launch in Britain. Marcus’ loan book currently totals just $3.1 billion compared with rival JP Morgan’s $400 billion consumer loan book. Chavez was asked why Marcus has yet to offer a banking app at a time when mobile banking is becoming the primary way customers transact.

Analysts also asked why Goldman’s compensation ratio had declined and for details on Goldman’s investing and lending division and planned cash management push, Second-quarter profit rose 44 percent to $2.3 billion, or $5.98 per share, compared with $1.6 billion, or $3.95 per share, Analysts’ average estimate was tiffany infinity cufflinks for $4.46 per share, according to Thomson Reuters I/B/E/S, Analysts suggested investing and lending business and the bank setting aside less money for bonuses fueled the profit beat..

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