Blankfein Prepares to Exit Goldman, WSJ Reports

Gladys Abbott
March 10, 2018

In a Twitter missive, Blankfein joked that he feels like "Huck Finn listening to his own eulogy".

Goldman Sachs Group Inc (NYSE:GS) is gearing itself for a change in top management as CEO Lloyd Blankfein will retire by 2019. Shares of Goldman rose 1.5%, along with the rest of the market, amid the news.

Blankfein, 63, has run Goldman since 2006, and ran the NY firm through the housing market bubble and subsequent financial crisis. Blankfein, who steered the firm through the financial crisis, has yet to set a timetable for his departure or discuss his plans with senior colleagues, one of the people said. Both Schwartz and Solomon have been considered successors to Blankfein in the past in reports.

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"It's the [Wall Street Journal's] announcement", he wrote, "not mine".

Solomon is an investment banker and advisor with an impressive track record who's worked directly with some of Goldman Sachs' most important clients. "I have enormous confidence in our ability to deliver superior returns to the shareholders over the cycle, as I believe we have".

He joined the trading shop J. Aron - the same firm Blankfein joined 15 years earlier - as it was merging with Goldman Sachs. He was named CEO in June 2006 after Hank Paulson left to become U.S. Treasury Secretary. The move comes days after chief economic advisor and former Goldman Sachs president Gary Cohn announced his resignation from the Trump administration. He said on Tuesday he is resigning, without saying what he would do next.

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