Goldman Sachs boss Blankfein 'planning to exit' as early as year-end

Lloyd Blankfein is the current CEO of Goldman Sachs

Blankfein plans to retire at some point in 2019, which will be Goldman's 150th anniversary year, the Journal reported.

A Goldman Sachs Group Inc. spokesman declined to comment on the report. Goldman Sachs shares briefly dipped but recovered to a 1.5% gain at 12:09 NY.

News of Blankfein's impending departure has stoked speculation he could be succeeded by former Goldman president Gary Cohn, who stepped down this week from the Trump administration amid a dispute over trade policy.

According to a person familiar with the matter, Goldman has been "thinking more" about succession-planning since Blankfein was diagnosed with an aggressive but curable type of lymphoma in September 2015.

Blankfein's exit would cap a successful career on Wall Street that began when he joined Goldman's commodities trading division in 1982. He was named CEO in June 2006 after Hank Paulson left to become U.S. Treasury Secretary. 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 a year ago. He was forced to testify before Congress, and Goldman Sachs later paid billions in fines. The analyst added that if Goldman had wanted a successor to Blankfein in the mold of Cohn, they would have given Cohn the nod prior to him leaving for government. 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.

Blankfein, 63, has run Goldman since 2006, and ran the NY firm through the housing market bubble and subsequent financial crisis. A year later the CEO announced he was in remission and, according to the source, the cancer has nothing to do with the departure. In recent years, the firm has been hit by a slowdown in the markets business, and 2017 was its worst year in trading under Mr. Blankfein's watch.

Over the past year, Goldman stock has lagged far behind rival Morgan Stanley as well as bigger banks, such as Citigroup and Bank of America.

Related news:

Hot News

isis-killer-beheading-video-story-top Some Areas Under Winter Storm Watch; More Snow Likely
Mar 10, 2018 - 00:11
Intense bands of snow are moving through southern and central ME and winds were gusting to 40 mph in the pre-dawn hours. The height of the storm will be Wednesday evening into Thursday , with snow or rain winding down by late in the day.

isis-killer-beheading-video-story-top Notre Dame rallies past Virginia Tech, faces Duke next
Mar 09, 2018 - 04:14
"Backboard is there for a reason", Colson said with a smile. "I thought [junior infielder] Matt Vierling had a good weekend". North Carolina jumped out to a double-digit first-half lead, though, forcing turnovers and crashing the offensive glass.

isis-killer-beheading-video-story-top Liverpool want English team in Champions League quarter-finals, says Firmino
Mar 09, 2018 - 03:55
This fixture has seen 16 red cards in the Premier League - only the Merseyside derby has produced more in the competition (21). The Frenchman missed the trip to south London due to a knock, but could be back in contention this weekend.

isis-killer-beheading-video-story-top Dawood Ibrahim's aide deported from UAE, to be produced in TADA court
Mar 09, 2018 - 03:53
He will be produced before Terrorist and Disruptive Activities (Prevention) Act (TADA) court today. More than 250 people were killed, 713 injured and property to the tune of Rs 26 crore was damaged.

isis-killer-beheading-video-story-top Nickelodeon's "Blue's Clues" reboot holding open casting call
Mar 09, 2018 - 03:52
One of TV's most famous dogs is set to win over a new generation of kids with all new episodes as well as a new host. Nickelodeon is looking for someone who "will empower the home viewer to feel important, respected, and smart".

isis-killer-beheading-video-story-top Jared Kushner to visit Mexico, meet country's president
Mar 09, 2018 - 03:51
He and Videgaray have reportedly cultivated a close personal relationship that often circumvents official diplomatic channels. The Mexican foreign ministry announced Kushner's trip in a statement late on Tuesday.

isis-killer-beheading-video-story-top CORPORATE REPORT: Abercrombie & Fitch; Dollar Tree; Autodesk; CenturyLink
Mar 09, 2018 - 03:45
It has underperformed by 64.52% the S&P500. (NYSE: ANF ) declared a quarterly dividend on Monday, February 26th, RTT News reports. Analysts are also projecting an Average Revenue Estimate for Abercrombie & Fitch $1.16 Million in the Current Quarter.

isis-killer-beheading-video-story-top Planned aid convoy to Syria's Ghouta postponed: Red Cross
Mar 09, 2018 - 03:45
Olwan said Wednesday that rebels had plugged their defensive lines after they crumbled in the early days of the assault. The spokesman for the health authority in the opposition-held area could not be reached for comment.

isis-killer-beheading-video-story-top Android P will let Autofill automatically work within web browsers
Mar 09, 2018 - 03:39
Google Pixel and Google Pixel 2 will be few of the first devices to get the Android P update and access to the new features. That patch was committed in December of 2016 , however the functionality remained disabled for subsequent Android releases .

isis-killer-beheading-video-story-top Marvel's Defenders Unlikely For Season 2
Mar 09, 2018 - 03:37
Sure, she has the powers , but the mental bandwidth required to face the pressures of being a superhero does not come as easy. However, the interactions among the heroes were fantastic, and made getting through The Defenders mostly (maybe) worthwhile.

isis-killer-beheading-video-story-top Send Your Name To The Sun On An Upcoming NASA Mission
Mar 09, 2018 - 03:36
The spacecraft speed is so fast, at its closest approach it will be going at approximately 430,000 miles (692,000 km) per hour. Its mission is to collect data about the sun's magnetic fields, solar wind and more.

isis-killer-beheading-video-story-top Should Trump Welcome the Saudi Crown Prince?
Mar 09, 2018 - 03:33
Protests in London were a reminder to the world that Saudi Arabia is leading a multinational coalition. The Aramco IPO will also be a big topic of discussion when the prince continues his global tour.

isis-killer-beheading-video-story-top Africa moving past Trump's slur, says African Union official
Mar 09, 2018 - 02:59
On Tuesday, he said China " encouraged dependency , utilized corrupt deals and endangered Africa's natural resources". The reporter said the comment, which Trump has denied, "is something that Africa's still digesting".

isis-killer-beheading-video-story-top Rimac C Two electric hypercar shocks Geneva with 1914 horsepower
Mar 09, 2018 - 02:58
The front wheels have a single-speed transmission as in conventional electric cars while the rear wheels get a 2-speed gearbox. The underbody also has a magnitude of flaps that crate venturi effects and adds to the downforce that the Rimac C_Two makes.

isis-killer-beheading-video-story-top Formerly Imprisoned Turpin Daughter Performed Songs On Secret YouTube Channel
Mar 09, 2018 - 02:58
ABC News reports that the teen also had a secret Instagram account, where she posted mostly selfies and photos of Justin Bieber. Both parents are now being held on $12 million bail, respectively, and face up to life in prison if convicted on all charges.