Goldman Sachs CEO Lloyd Blankfein to Step Down, Report Says

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The report did add that the timing of a move could change, and that Blankfein was "firmly in control of his exit", but the current plan was that he would retire ahead of, or early in, Goldman's 150th anniversary year in 2019.

The resignation of Harvey Schwartz will leave David Solomon as the sole President and COO of Goldman Sachs Group Inc.

The Wall Street Journal reported last week that Blankfein was considering retiring at the end of this year, and named both Schwartz, 54, and Solomon, 56, as the only two candidates being considered to replace him. Former leaders of the bank have gone on to hold high-level positions in government, including former Senator and New Jersey governor Jon Corzine and former Treasury secretary Hank Paulson, among many others. When the Journal published its story, Blankfein took to Twitter and said the announcement was like "Huck Finn listening to his own eulogy".

Schwartz has been co-president and chief operating officer since January 2017.

The end of Blankfein's tenure at the top of Goldman Sachs has always been a Wall Street talking point. 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.

Before taking the co-COO role, Solomon had been a cohead of investment banking in NY for a decade.

Solomon rose through the financing business after joining as a partner from Bear Stearns Cos. and ran the firm's top-ranked investment-banking business for a decade. The 55-year-old spends his free time as a DJ at nightclubs and doing yoga with his adult daughter, according to a profile in The New York Times. Solomon ended up taking a demotion to join Goldman Sachs, a bet that now seems to have paid off in spades. Solomon and Schwartz have been jockeying to succeed Blankfein for months.



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