March 17, 2018

Lloyd Blankfein, Goldman Sachs CEO, may leave job by year-end

10 March 2018, 12:41 | Kenneth Drake

Modal Trigger Goldman Sachs CEO Lloyd Blankfein Getty Images

Goldman Sachs CEO Lloyd Blankfein reportedly is prepping his exit

Goldman Sachs Chairman and CEO Lloyd Blankfein participates in a panel discussion on "Talent Attraction and Retention" during the White House Summit On Working Families at the Omni Shoreham hotel June 23, 2014 in Washington, DC.

Goldman Sachs Group's chief executive officer Lloyd Blankfein could step down as early as this year's end, the Wall Street Journal reported Friday.

However, Blankfein distanced himself from the Journal's story, joking on Twitter, "I feel like Huck Finn listening to his own eulogy".

The top two contenders to replace Blankfein are the firm's co-presidents, Harvey Schwartz and David Solomon. Members of the management committee were stunned, according to people familiar with the matter.

Blankfein has led the bank for 12 years and steered it through the 2008 financial crisis. Both Schwartz and Solomon have been considered successors to Blankfein in the past in reports.

Goldman Sachs has been grooming Schwartz and Solomon for the top job ever since former president Gary Cohn left the bank previous year to become President Trump's top economic adviser. "He rose through the ranks of the firm's trading business and was named CEO in 2006 when Hank Paulson became Treasury secretary". Bank of America, Citigroup, Morgan Stanley and Wells Fargo have all replaced their CEOs over the years. 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.

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