A spokesman for Goldman Sachs didn't immediately return a call for comment.
The chief executive of Goldman Sachs has said reading a report forecasting his imminent retirement plans was like hearing his own eulogy - indicating the bank's boss is staying put for the near future.
Schwartz will leave the bank on April 20, and Solomon will serve as the sole president and chief operating officer, the New York-based bank said in a statement Monday.
Schwartz, 52, spent 20 years at Goldman Sachs, holding many roles, including co-heading the securities and investment banking divisions and serving as the chief financial officer.
Blankfein briefed the Goldman Sachs board in February on the position of his potential successors, according to a person familiar with the matter. "I want to thank Harvey for all he's done for the firm", Blankfein said in a statement. Schwartz is serving as the President and co-COO alongside Solomon.
Lately, there's been a great deal of speculation about who might take Blankfein's place.
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The Wall Street Journal reported on Friday that Goldman Sachs Chief Executive Officer Lloyd Blankfein was expected to retire and the bank was not looking beyond presidents and co-chief operating officers Harvey Schwartz and David Solomon to replace him.
Goldman made no mention of Blankfein's future plans in its announcement. Schwartz came up through Goldman's trading business, where he played a central role during the 2008 financial crisis.
By contrast, Solomon has an investment banking background.
Solomon graduated from Hamilton College with a bachelor's degree in political science.
"I look forward to continuing to work closely with David in building our franchise around the world", Blankfein, 63, said in the statement.
Julia La Roche is a finance reporter at Yahoo Finance.