Report: CEO of Goldman Sachs Could Step Down by Year’s End

REUTERS/BRENDAN MCDERMID

Goldman Sachs CEO Lloyd Blankfein, who spent 12 years at the helm of the Wall Street giant, is preparing to leave his post as soon as the end of the year. The investment bank will likely reveal its new chief executive soon after Blankfein announces his departure—and the firm isn’t looking beyond the current co-presidents Harvey Schwartz and David Solomon for the job, a source told The Wall Street Journal. While the timeline could change, many speculate that Blankfein, 63, will make his exit ahead of Goldman’s 150th anniversary in 2019. The current CEO outlasted Gary Cohn, who left the firm to join the Trump administration, and many thought that Blankfein would remain longer than other would-be successors. Blankfein steered the firm through the 2008 financial crisis “intact but browbeaten,” and made subsequent reforms to rehabilitate the firm’s image.

SOURCE: The Daily Beast