One of Wall Street’s longest-serving chief executives reportedly plans to step down.
According to a report from the Wall Street Journal, Lloyd Blankfein is plotting his exit from Goldman Sachs, the firm he’s led since 2006.
From the WSJ report:
Lloyd Blankfein is preparing to step down as Goldman Sachs Group Inc.’s chief executive as soon as the end of the year, capping a more than 12-year run that has made him one of the longest-serving bosses on Wall Street.
Goldman is likely to follow an announcement of Mr. Blankfein’s departure with a quick transfer of power and isn’t looking beyond Goldman’s two co-presidents, Harvey Schwartz and David Solomon, to replace him, people familiar with the matter said.
The timing of any moves could still change, and the 63-year-old Mr. Blankfein is firmly in control of his exit, the people said. The current thinking, though, is that he will retire ahead of or early in Goldman’s 150th anniversary year in 2019, a fitting send-off for the history buff.
Blankfein’s departure would leave JPMorgan Chase CEO Jamie Dimon as the only big bank CEO still standing from before the financial crisis.
Recent reports suggest that Dimon plans to stay with JPMorgan Chase for another five years, but Blankfein is reportedly ready for the next stage of his career.
But maybe he isn’t. According to Bloomberg, Blankfein isn't going anywhere. Blankfein himself said Friday that the WSJ report is not an official announcement from the company, taking to Twitter after the WSJ report and comparing the aftermath of the report to a famous bit of American literature.
It's the @WSJ's announcement…not mine. I feel like Huck Finn listening to his own eulogy.
— Lloyd Blankfein (@lloydblankfein) March 9, 2018
Blankfein’s rumored departure comes right on the heels of his former chief lieutenant, Gary Cohn, resigning from his position as White House National Economic Council director.
Cohn joined the Trump administration early on, leaving his position as the second-in-command at Goldman Sachs, where he was long considered to be Blankfein’s heir apparent.
After Cohn left, Goldman promoted David Solomon and Harvey Schwartz to serve as co-presidents, and as the WSJ reported, Goldman’s search for Blankfein’s replacement likely won’t extend beyond those two.
