Goldman's Blankfein plans to step down by the end of the year
10 March, 2018, 01:57 | Author: Kathy Ellis
Goldman Sachs Group Inc (NYSE:GS) is gearing itself for a change in top management as CEO Lloyd Blankfein will retire by 2019. A spokesman for New York-based Goldman Sachs declined to comment.
CBS Newsreports that with the recent White House exit of Gary Cohn, the former President and Co-Chief Operating Officer at Goldman, the era of Goldman's influence at the White House is waning. Blankfein, who steered the firm through the financial crisis, has yet to set a timetable for his departure or discuss his plans with senior colleagues, one of the people said.
According to a report in The Wall Street Journal, Mr Blankfein, who is 63, is likely to be replaced by one of Goldman's two co-presidents, David Solomon and Harvey Schwartz. Mostly he has doubled down on the trading and risk-taking that otherwise fell out of favour across much of Wall Street.
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Solomon is an investment banker and advisor with an impressive track record who's worked directly with some of Goldman Sachs' most important clients. "He rose through the ranks of the firm's trading business and was named CEO in 2006 when Hank Paulson became Treasury secretary". He was forced to testify before Congress, and Goldman Sachs later paid billions in fines. The strong employment numbers should reinforce the U.S. Federal Reserve's drive to hike interest rates several more times in 2018. He declared himself cancer-free about a year later following chemotherapy treatments.
Blankfein in his later years has become more outspoken about his views.
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.
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