Wednesday, 14 November, 2018

Goldman Sachs CEO Blankfein to retire by year end

Goldman Sachs CEO Lloyd Blankfein reportedly is prepping his exit Modal Trigger Goldman Sachs CEO Lloyd Blankfein Getty Images
Cristina Norman | 10 March, 2018, 01:58

This timing is fluid and Blankfein is in control of his departure, the report said.

Lloyd Blanknfein, CEO of Goldman Sachs for 12 years, is planning to step down this summer, according to the Wall Street Journal.

Blankfein, who has been Goldman's CEO and chairman for roughly 12 years, has always been rumored to be considering his retirement prospects.

The two people considered as candidates to replace Blankfein are Harvey Schwartz and David Solomon, who share the position as chief operating officer, the Journal said, citing undisclosed sources.

Gary Cohn, who previously was Goldman's chief operating officer, left past year to become chief economic adviser to President Donald Trump. Paulson succeeded Jon Corzine, who entered New Jersey state politics after Goldman, serving as a senator and then governor.

Schwartz ran trading at Goldman before becoming CFO, and Solomon ran the investment banking business and is known as a strong manager.

Blankfein, the son of a postal worker who grew up in a Brooklyn housing project, has become a billionaire from his Goldman Sachs career. Much of his work in recent years has been repairing the bank's image after Congressional hearings and media scrutiny focusing on the firm's role in the mortgage bond bubble that helped bring about the financial crisis. Cohn was one of the key architects of the U.S. Tax Cuts and Jobs Act, which received nearly universal praise from Wall St. executives, including Blankfein. After making it through his cancer treatments, he said working served as a lovely distraction. Both Schwartz and Solomon have been considered successors to Blankfein in the past in reports. Cohn announced his resignation from the White House this week amid a clash over trade policy. Dimon said in January that he'd step down in five years.

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