Goldman Sachs chief Blankfein retiring soon

Share

Goldman Sachs chief Blankfein retiring soon

READ What's the matter with Goldman Sachs? One of two Co-presidents, David Solomon and Harvey Schwartz, are expected to replace him.

Blankfein, 63, has steered the USA 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.

The 63-year-old will be leaving on his own terms, The Wall Street Journal reported. A spokesman for New York-based Goldman Sachs declined to comment. Blankfein will probably retire ahead of the bank's 150th anniversary in 2019, or early that year, the paper reported.

His former chief operating officer, Gary Cohn, had waited years to succeed Blankfein and left Goldman Sachs to join the Trump administration as to White House economic adviser. He rose through the ranks and eventually got the top job when Hank Paulson left to become treasury secretary under President George W. Bush in 2006. Goldman Sachs shares briefly dipped but recovered to a 1.5% gain at 12:09 p.m.in NY. He was considered at the time as the most likely successor to Blankfein. Revenues in the fixed income, currency, and commodities business - where Blankfein, Cohn and Schwartz made their names - have fallen 67% compared to 2007, to $5.2bn previous year. Even though he supported Hillary Clinton during the 2016 election, Blankfein recently told CNN the economy is "higher" under Trump than if Clinton had won. Last June, he used his first-ever tweet to slam Trump's decision to leave the Paris climate accord.

Blankfein, 63, has run Goldman since 2006, and ran the NY firm through the housing market bubble and subsequent financial crisis. He underwent chemotherapy for a curable form of blood cancer in 2015.

Blankfein has worked for Goldman Sachs since 1982, after spending four years in law practice. Bank of America, Citigroup, Morgan Stanley and Wells Fargo have all replaced their CEOs over the years.

Share

Advertisement

© 2015 Leader Call. All Rights reserved.