Boss of Goldman Sachs ‘Planning to Exit’

Photo via Fortune Live Media from Flickr

Lloyd Blankfein, the chief executive of Goldman Sachs, a Wall Street giant, reportedly has some plans to step down from his post as soon as the end of 2018.

According to a report that was published in The Wall Street Journal, Blankfein, who is already 63 years old, is likely to be replaced by one of the two co-presidents of Goldman, Harvey Schwartz and David Solomon.

In the past, presidents have been chosen for the position of chief executive at Goldman Sachs, and Blankfein himself worked in that role prior to being promoted in 2006.

Both Solomon and Schwartz were appointed to the positions after Gary Cohn stepped down as the chief operating officer and president of Goldman Sachs in December 2016, to become a part of the administration of Donald Trump. Cohn had been believed to be the top candidate to succeed the head of Goldman Sachs.

The departure of Cohn was perceived by some analysts at the time as an implication that Blankfein did not have any intention of stepping down from the post “anytime soon”. Blankfein once quipped that he would die at his desk and, last November, he said that the joke had just meant that his resignation “wasn’t going to happen soon.”

However, on Friday, some reports suggested that this was no longer the case, with The Wall Street Journal saying that Goldman was looking for immediate succession.

The bank refused to comment regarding the matter.

However, Blankfein later wrote a cryptic post on Twitter regarding the reports, stating: “It’s the WSJ’s announcement … not mine. I feel like Huck Finn listening to his own eulogy.”

The departure of Blankfein would indicate the end of his 12 years in the post, making him one of the longest serving chief executives of Wall Street.

It would be the most recent tremor to ripple through the company, which experienced a management upheaval just over a year ago.

The said shake-up was the largest that was experienced by the company since Blankfein took the lead, with not only with the appointment of the two co-presidents, but also with the former co-head of the securities business of Goldman, Pablo Salame, being named as vice chairman, and with Richard Gnodde as the head of the international operations of the bank.