Blankfein Says Report of His Departure Didn't Come From Him

Blankfein Says Report of His Departure Didn't Come From Him

Troy Powers
March 10, 2018

The chief executive of Wall Street giant Goldman Sachs, Lloyd Blankfein, is reportedly planning to step down as soon as the end of this year.

Blankfein, 63, has run Goldman since 2006, and ran the NY firm through the housing market bubble and subsequent financial crisis.

The 63-year-old will be leaving on his own terms, The Wall Street Journal reported. Late in 2016, the bank appointed two co-presidents in Harvey Schwartz and David Solomon, who are the two most likely candidates to replace Blankfein. 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.

Goldman Sachs declined to comment. Shares were mostly unchanged from their prices prior to the news.

Cohn resigned his position at the White House earlier this week and is not expected to return to Goldman.

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Goldman Sachs CEO Lloyd Blankfein is preparing to leave the firm by the end of the year, The Wall Street Journal reported on Friday.

Blankfein joined Goldman Sachs in 1982 as a gold salesman, and co-managed the firm's currency and commodities division from 1994 through 1997.

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

At other times, Blankfein has been critical of Trump.

Blankfein survived a run-in with cancer after being diagnosed with lymphoma in 2015. The Dow Jones Industrial Average, of which Goldman is a component, is set for a 1.9% gain. In recent years, the firm has been hit by a slowdown in the markets business, as 2017 was its worst year in trading under Blankfein's watch.