Goldman's Blankfein plans to step down by the end of the year

10 March, 2018, 00:38 | Author: Terri Saunders
  • Lloyd Blankfein David Solomon Harvey Schwartz Goldman Sachs

Blankfein has worked for Goldman Sachs since 1982, after spending four years in law practice.

Lloyd Blankfein, one of Wall Street's most powerful players, is reportedly preparing to step down from his perch at Goldman Sachs as soon as the end of the year.

Blankfein, 63, has steered the US investment bank for almost 12 years, outlasting calls for his departure in the aftermath of the 2007-2009 financial crisis and staying in the job even as he battled cancer. When Blankfein leaves, he's likely to be replaced by David Solomon or Harvey Schwartz, or a combination of the two.

Blanknfein, the longest serving CEO at Goldman, succeeded Henry Paulson in 2006, who left to serve as Secretary of the Treasury. Goldman ended up paying more than $5 billion for its role in the financial crisis.

Lloyd Blankfein is the current CEO of Goldman Sachs.

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

It struggled to make money in trading during an era of low interest rates and tight regulation, and drew scorn from some prominent critics. Bank of America, Citigroup, Morgan Stanley and Wells Fargo have all replaced their CEOs over the years. He later served as a vice chairman in for the fixed income, currency, and commodities division.

"The bottom line is I think this is fabulous", Dick Bove, a longtime Blankfein critic and analyst at Vertical Group, told The Post.

Goldman Sachs declined to comment.

The bank, and its leader, have only grown in notoriety in recent years.

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