Published: Sat, March 10, 2018
Economy | By Shawn Conner

Lloyd Blankfein is reportedly planning to leave Goldman Sachs

Lloyd Blankfein is reportedly planning to leave Goldman Sachs

Goldman Sachs Group chief executive officer Lloyd Blankfein plans to step down as soon as the end of this year, the Wall Street Journal reported.

Leslie Shribman, Goldman's vice president of media relations, declined to comment on the matter. Blankfein is angling to leave ahead of the bank's 150th anniversary in 2019. Shares were mostly unchanged from their prices prior to the news. One of two Co-presidents, David Solomon and Harvey Schwartz, are expected to replace him. Both men were promoted after Gary Cohn resigned in early 2017 to serve as director of the National Economic Council and President Donald Trump's top economic adviser. Cohn announced his resignation from the White House this week amid a clash over trade policy.

Blankfein will probably retire ahead of the bank's 150th anniversary in 2019
Blankfein will probably retire ahead of the bank's 150th anniversary in 2019

Blankfein, who underwent chemotherapy for cancer more than two years ago, led the firm through the financial crisis in better shape than most rivals, and the company capitalised with record trading revenues.

Blankfein's exit would cap a successful career on Wall Street that began when he joined Goldman's commodities trading division in 1982.

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Blanknfein, the longest serving CEO at Goldman, succeeded Henry Paulson in 2006, who left to serve as Secretary of the Treasury.

Following the 2008 crisis, Blankfein became the poster child for Wall Street's role in fueling the meltdown.

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Blankfein, 63, was diagnosed with lymphoma, which Goldman disclosed to investors in September 2015. He was considered at the time as the most likely successor to Blankfein.

In recent years, the bank has been hit by a slowdown in the markets business.

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