Another Goldman Sachs executive joins Trump administration

For years, Wall Street had waited to see whether Cohn would rise to Goldman’s top perch.

Instead, Mr. Cohn’s departure signals CEO Lloyd Blankfein likely intends to lead the firm for several more years.

Goldman Sachs Group Inc. will elevate David Solomon and Harvey Schwartz to serve as top lieutenants to Chief Executive Lloyd Blankfein.

The promotions of Mr. Solomon, who co-heads Goldman’s investment-banking division, and Mr. Schwartz, its CFO since 2013, will bring about the most significant top-level management change at the firm in a decade.

The two men will share the role of second in command, the people said. Goldman has a history of co-executives, especially in the No. 2 slot.