Goldman Sachs CEO Lloyd Blankfein to Retire by 2019

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Goldman Sachs Group Inc (NYSE:GS) is gearing itself for a change in top management as CEO Lloyd Blankfein will retire by 2019.

Goldman SachsThe Wall Street juggernaut’s boss announced that he will step down after 12 years at the top of the firm, which sent GS shares down before coming back up later in the day. The company has not revealed the official date of when Blankfein is set to retire and he could stay with the company into next year and possibly beyond, according to sources familiar with the matter.

The Goldman Sachs CEO gained the role in 2006 and he’s done a fine job with the company over the years, surprising many with the news of his exit, even though the firm has yet to comment on the matter. Late in 2016, the bank appointed two co-presidents in Harvey Schwartz and David Solomon, who are the two most likely candidates to replace Blankfein.

“Lloyd’s been there a while compared to most of his recent predecessors,” said Christopher Whalen, the head of Whalen Global Advisors. “Goldman has typically liked to keep things moving. I think it would be a good change for the firm.”

Solomon is an investment banker and advisor with an impressive track record who’s worked directly with some of Goldman Sachs’ most important clients. Meanwhile, Schwartz has spent time as the bank’s CFO.

GS stock gained about 1.1% on Friday following the news.


Article printed from InvestorPlace Media, https://investorplace.com/2018/03/goldman-sachs-lloyd-blankfein-gs/.

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