Lloyd Blankfein is reportedly planning to leave Goldman Sachs

Lloyd Blankfein

Lloyd Blankfein

Lloyd Blankfein is preparing to step down as Goldman Sachs Group Inc's GS.N chief executive as soon as the end of the year, the Wall Street Journal reported on Friday.

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

Schwartz ran trading at Goldman before becoming CFO, and Solomon ran the investment banking business and is known as a strong manager.

Blankfein, who underwent chemotherapy for cancer more than two years ago, led the firm through the financial crisis in better shape than most rivals, and the company capitalized with record trading revenues.

Blankfein has worked for Goldman Sachs since 1982, after spending four years in law practice. Cohn, Blankfein's longstanding second-in-command, left the bank in late 2016 to join US President Donald Trump's administration - a post he left this week. This timing is fluid and Blankfein is in control of his departure, the report said.

He rose through the ranks, taking on the role of vice chairman, overseeing the fixed income, currency, and commodities division and the equities division, according to the firm's website. Either way, the bank appears to be laying the groundwork for succession after Blankfein helped guide the bank out of the 2007-'08 financial crisis. He was considered at the time as the most likely successor to Blankfein.

Blankfein, 63, has run Goldman since 2006, and ran the NY firm through the housing market bubble and subsequent financial crisis.

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