Goldman Sachs unveils CEO succession plan

Goldman Sachs named a pair of executives Wednesday to replace president Gary Cohn, who is joining the Trump administration, to potentially succeed chief executive Lloyd Blankfein in the coming years.

Harvey Schwartz, 52, the chief financial officer, and David Solomon, 54, co-head of the investment banking division, will share the posts of president and chief operating officer, putting both in line to take over for Blankfein, who is 62.

Cohn was tapped by President-elect Donald Trump on Monday to lead the White House's National Economic Council, which advises the president on domestic and global economic policy.

Two other former Goldman executives have been named by Trump to top positions: Steven Mnuchin to Secretary of Treasury and Steven Bannon as chief strategist.

Shares of Goldman Sachs have jumped 31 percent since Trump's election, the biggest gainer in the blue-chip index, which has repeatedly hit new records.

Goldman Sachs shares rose 0.3 percent to $239.24 in mid-morning trade Wednesday.

Banks are expected to benefit from higher interest rates and a gentler regulatory climate after a barrage of rules and costly settlements in the wake of the 2008 financial crisis.