Goldman Sachs CEO Lloyd Blankfein to Retire by 2019

Lloyd Blankfein David Solomon Harvey Schwartz Goldman Sachs

The report says that Goldman head Lloyd Blankfein is set to step down as early as the end of 2018, capping a roughly 12-year run at the helm of the world's most prominent investment bank.

For a replacement, the bank is reportedly considering Goldman's two co-presidents, Harvey Schwartz and David Solomon.

He's had the job for 12 years, and steered the bank through the 2008 financial crisis.

Goldman Sachs declined to comment. Visit MarketWatch.com for more information on this news. Cohn announced his resignation from the White House this week amid a clash over trade policy.

"The departure would conclude a 36-year Goldman career for Mr. Blankfein, the son of a Brooklyn postal worker who rose to the pinnacle of Wall Street".

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Blankfein joined Goldman Sachs in 1982 as a gold salesman, and co-managed the firm's currency and commodities division from 1994 through 1997. Mostly he has doubled down on the trading and risk-taking that otherwise fell out of favor across much of Wall Street. He was forced to testify before Congress, and Goldman Sachs later paid billions in fines.

Blankfein, 63, was diagnosed with lymphoma, which Goldman disclosed to investors in September 2015.

More recently, Blankfein was villainized during the election when Trump's closing campaign ad portrayed the CEO as a globalist villain. He declared himself cancer-free about a year later following chemotherapy treatments.

Over the past year, Goldman stock has lagged far behind rival Morgan Stanley as well as bigger banks, such as Citigroup and Bank of America. In recent years, the firm has been hit by a slowdown in the markets business, as 2017 was its worst year in trading under Blankfein's watch.

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