Goldman’s Blankfein prepares exit for as quickly as year reside: WSJ

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Lloyd Blankfein, Goldman Sachs’ chairman and chief executive, is making ready an exit by the reside of the year after a 12-year tenure atop the Wall Avenue powerhouse, in line with a document.

The Wall Avenue Journal however then stabilized and became as soon as up 1.5 p.c by early afternoon.

No formal timeline has been attach of living for Blankfein’s exit and it be that you just’d imagine he would possibly perhaps maybe well reside at the bank into next year and beyond, sources aware of the topic steered CNBC. Goldman declined to comment to CNBC about the document.

Blankfein became CEO in 2006 and unless Friday had indicated he became as soon as in no flee to proceed. In gradual 2016, the bank named two co-presidents, Harvey Schwartz and David Solomon. Both executives are of their mid-50s and are the likeliest candidates to prevail Blankfein, at the least from at some level of the bank, in line with the Journal, which cited americans aware of the topic.

Schwartz and Solomon were named to prevail Gary Cohn, Blankfein’s long-serving lieutenant who left to was the stop economic advisor to President Donald Trump closing year. Cohn announced on Tuesday he became as soon as leaving the White Home.

Solomon is a protracted-time funding banker and advisor to a few of of the agency’s most important purchasers, whereas Schwartz hung out as Goldman’s chief financial officer and as soon as ran the agency’s trading operations.