Is Lloyd Blankfein Planning Exit From Goldman?

Lloyd Blankfein is the current CEO of Goldman Sachs

Blankfein could leave by the end of the year, the Wall Street Journal reported on Friday (paywall).

The rough-and-tumble banking powerhouse was "doing God's work", Blankfein later said of that time.

One of Goldman Sachs Group Inc.'s longest-tenured CEOs is set to depart, according to a report in The Wall Street Journal. The WSJ report indicated that Goldman would aim to replace Blankfein with either of the bank's two co-presidents, Harvey Schwartz (a former CFO of the company) and David Solomon.

Goldman Sachs declined to comment.

Blankfein, 63, has steered the US investment bank for almost 12 years, outlasting calls for his departure in the aftermath of the 2007-2009 financial crisis and staying in the job even as he battled cancer. Solomon and Schwartz have been jockeying to succeed Blankfein for months.

The two were promoted to co-COO and president just days after Gary Cohn, who had previously held the position of Blankfein's right-hand-man, accepted a position leading the National Economic Council for President-elect Donald Trump.

"The departure would conclude a 36-year Goldman career for Mr. Blankfein, the son of a Brooklyn postal worker who rose to the pinnacle of Wall Street".

The bank recently has been flat or at a loss in its traditional business, bond trading, even as its rivals have gained. Much of his work in recent years has been repairing the bank's image after Congressional hearings and media scrutiny focusing on the firm's role in the mortgage bond bubble that helped bring about the financial crisis.

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