Moneycontrol
you are here: HomeNewsWorld
Last Updated : Mar 10, 2018 04:02 PM IST | Source: PTI

Goldman Sachs CEO Lloyd Blankfein to retire by year end: Report

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

8. Goldman Sachs | Fine: Rs 32,497 crore | In April 2016, the firm agreed to pay the fine for misleading investors about residential mortgage-backed securities (RMBS), a role that help ignite the 2008 Global Financial Crisis.
8. Goldman Sachs | Fine: Rs 32,497 crore | In April 2016, the firm agreed to pay the fine for misleading investors about residential mortgage-backed securities (RMBS), a role that help ignite the 2008 Global Financial Crisis.

Goldman Sachs Chief Executive Officer Lloyd Blankfein has started plans to retire and could do so as soon as the end of this year, The Wall Street Journal reported today.

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

The firm also became a target of intense populist anger during the Great Recession. The firm emerged from the crisis transformed, trying to focus less on risky trading and is now exploring new businesses like consumer loans.

The two people considered as candidates to replace Blankfein are Harvey Schwartz and David Solomon, who share the position as chief operating officer, The Journal said, citing undisclosed sources. Both Schwartz and Solomon have been considered successors to Blankfein in the past in reports.

Discussions on whether Blankfein would step down heated up a few years ago when he was diagnosed with lymphoma. He successfully underwent radiation and chemotherapy and has publicly said he considers himself cured.

Gary Cohn, who previously was Goldman's chief operating officer, left last year to become chief economic adviser to President Trump. He was considered at the time as the most likely successor to Blankfein.

However The Journal reports that Goldman is not looking beyond Schwartz or Solomon.

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

Blankfein is one of only a couple big Wall Street CEOs who ran their firms before the financial crisis and still are at the helms today. Bank of America, Citigroup, Morgan Stanley and Wells Fargo have all replaced their CEOs over the years. All that remains is Jamie Dimon, CEO of JPMorgan Chase & Co.

Blankfein in his later years has become more outspoken about his views. He has been a vocal critic of the Trump administration on immigration and diversity issues and typically uses his own Twitter account to weigh in on public issues.

A Goldman Sachs Group Inc. spokesman declined to comment on the report.
First Published on Mar 10, 2018 03:40 pm
Sections
Follow us on
Available On