Economy

Goldman Sachs boss Blankfein 'planning to exit' as early as year-end

Goldman Sachs boss Blankfein 'planning to exit' as early as year-end

It was under Blankfein that Goldman was tagged with the infamous "Vampire squid" moniker, thanks to a 2010 Rolling Stone piece - a nickname that the bank has never been able to shake.

Lloyd Blankfein could step down as Goldman Sachs Group Inc (GS.N) chief executive as soon as the end of the year, the Wall Street Journal reported on Friday, swiveling the focus on fierce competition between the two contenders to replace him.

CEO Lloyd Blankfein of Goldman Sachs. Either way, the bank appears to be laying the groundwork for succession after Blankfein helped guide the bank out of the 2007-'08 financial crisis.

Leslie Shribman, Goldman's vice president of media relations, declined to comment on the matter. Investors took the report in stride. Visit MarketWatch.com for more information on this news. The WSJ report indicated that Goldman would aim to replace Blankfein with either of the bank's two co-presidents, Harvey Schwartz (a former CFO of the company) and David Solomon.

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Cohn resigned his position at the White House earlier this week and is not expected to return to Goldman. He initially joined Goldman's commodities trading arm, and after 12 years, he was promoted to co-head of the currency and commodities division.

Blankfein, 63, rose to CEO in 2006 after more than a decade working as a bond trader.

Blankfein is one of Wall Street's highest paid CEOs. He was forced to testify before Congress, and Goldman Sachs later paid billions in fines. He was considered at the time as the most likely successor to Blankfein.

Blanknfein has expressed a number of views that clash with President Trump's, including opposition to Trump's "travel ban", and Trump's decision to withdraw from the Paris climate accord, expressed in his first ever tweet. He declared himself cancer-free about a year later following chemotherapy treatments.


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