Blankfein Prepares to Exit Goldman, WSJ Reports

10 March, 2018, 01:26 | Author: Barbara Daniel
  • Lloyd Blankfein David Solomon Harvey Schwartz Goldman Sachs

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.

The CEO remains in control of the timing of his exit, which could still change, the Journal reported.

The report says that Goldman head Lloyd Blankfein is set to step down as early as the end of 2018, capping a roughly 12-year run at the helm of the world's most prominent investment bank.

"I feel like Huck Finn listening to his own eulogy", Blankfein said in a post on Twitter. Goldman then named Harvey Schwartz and David Solomon as co-presidents and co-chief operating officers in December 2016, increasing speculation that Blankfein could be stepping down.

Over the past year, Goldman stock has lagged far behind rival Morgan Stanley as well as bigger banks, such as Citigroup and Bank of America. Members of the management committee were stunned, according to people familiar with the matter.

It's hardly a secret that Blankfein might move on in the near future. Both Schwartz and Solomon have been considered successors to Blankfein in the past in reports.

Blankfein, the son of a postal worker who grew up in a Brooklyn housing project, has become a billionaire from his Goldman Sachs career. He rose through the ranks and eventually got the top job when Hank Paulson left to become treasury secretary under President George W. Bush in 2006.

Blankfein has worked for Goldman Sachs since 1982, after spending four years in law practice.

Goldman is expected to pick from David Solomon and Harvey Schwartz to replace him.

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