Economy

Goldman Sachs CEO Lloyd Blankfein could leave at year-end

Goldman Sachs CEO Lloyd Blankfein could leave at year-end

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

Lloyd Blanknfein, CEO of Goldman Sachs for 12 years, is planning to step down this summer, according to the Wall Street Journal. The Dow was up about 314 points, or 1.3%, at 25,208, with Goldman's rally contributing more than 30 points to the price-weighted Dow's gains.

Schwartz ran trading at Goldman before becoming CFO, and Solomon ran the investment banking business and is known as a strong manager. Cohn announced his resignation from the White House this week amid a clash over trade policy.

Blankfein is one of only a couple big Wall Street CEOs who ran their firms before the financial crisis and still are at the helms today.

Blankfein joined Goldman Sachs in 1982 as a gold salesman, and co-managed the firm's currency and commodities division from 1994 through 1997. 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.

More news: Interior Dept. Spending $139K To Upgrade Doors In Sec. Zinke's Office

Blankfein is one of Wall Street's highest paid CEOs.

More recently, Blankfein was villainized during the election when Trump's closing campaign ad portrayed the CEO as a globalist villain.

Blanknfein has expressed a number of views that clash with President Trump's, including opposition to Trump's "travel ban", and Trump's decision to withdraw from the Paris climate accord, expressed in his first ever tweet.

Blankfein, 63, was diagnosed with lymphoma, which Goldman disclosed to investors in September 2015. He declared himself cancer-free about a year later following chemotherapy treatments.

Blankfein, who has been Goldman's CEO and chairman for roughly 12 years, has always been rumored to be considering his retirement prospects.


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