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Goldman Sachs CEO Blankfein to retire by year end

10 March 2018
Goldman Sachs CEO Blankfein to retire by year end

Plans to replace Blankfein recently picked up as top board members believed his time at Goldman was nearing its end, the report said.

Lloyd Blankfein said a report of his exit may be premature.

Lloyd Blankfein, the longtime CEO of Goldman Sachs, is preparing to step down from his perch atop the Wall Street behemoth, according to a report - capping one of the longest-ever runs atop the infamous investment bank. Either way, the bank appears to be laying the groundwork for succession after Blankfein helped guide the bank out of the 2007-'08 financial crisis.

Blankfein is one of Wall Street's highest paid CEOs.

The period after the financial crisis saw Goldman try to reinvent itself, including once rebranding the bank as a "technology company".

Although Blankfein is credited with getting Goldman Sachs back on its feet after the crisis, its trading division has struggled in recent years, and some analysts have faulted Blankfein's leadership.

Leslie Shribman, Goldman's vice president of media relations, declined to comment on the matter.

Presidents have, in the past, been chosen for the chief executive position at Goldman Sachs and Mr Blankfein himself served in that role before being promoted in 2006. During the second quarter in 2017, the bank's bond, commodities, currencies business dropped 40 percent, even as other banks ate their lunch.

Steve Mnuchin, the current secretary of the treasury who worked at Goldman from 1985-2002, is the only administration official left who is a former Goldman employee.