Goldman Sachs Group Inc (NYSE:GS) is gearing itself for a change in top management as CEO Lloyd Blankfein will retire by 2019. 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. 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. Visit MarketWatch.com for more information on this news.
Solomon is an investment banker and advisor with an impressive track record who's worked directly with some of Goldman Sachs' most important clients.
Cohn resigned his position at the White House earlier this week and is not expected to return to Goldman.More news: Taylor's triumph over injury and England bowlers
Blankfein is one of the longest-tenured Wall Street chiefs, exceeded only by JPMorgan Chase boss Jamie Dimon, who recently revealed plans to stay on for another five years.
Blankfein joined Goldman Sachs in 1982 as a gold salesman, and co-managed the firm's currency and commodities division from 1994 through 1997. "He rose through the ranks of the firm's trading business and was named CEO in 2006 when Hank Paulson became Treasury secretary".
Blankfein is one of Wall Street's highest paid CEOs.More news: 'Feminist strike': International Women's Day sees transport & work chaos in Spain
At other times, Blankfein has been critical of Trump.
Blankfein, 63, was diagnosed with lymphoma, which Goldman disclosed to investors in September 2015.
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. A spokesman for New York-based Goldman Sachs declined to comment.More news: US Holocaust Museum Revokes Prestigious Elie Wiesel Award to Suu Kyi
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