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Goldman Sachs reported quarterly profits today, beating analyst expectations. As is often the case on Wall Street, the ups were no match for the downs — like heavy legal expenses and weak trading results. But the big news for the bank was that a successor has been named to replace storied Goldman CEO, Lloyd Blankfein, who saw the investment bank through the financial crisis and steered it in some new directions. Goldman President David Solomon takes the reins in October, and will be tasked with making sure the bank’s recent changes pay off.

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Follow Justin Ho at @justinterrellho