Lloyd Blankfein, Goldman Sachs' CEO, is preparing to exit the firm as soon as the end of this year, The Wall Street Journal reported on Friday. It emerged from the crisis transformed, focusing less on risky trading and is now exploring new businesses like consumer loans.
The Journal, citing people familiar with the matter that it didn't identify, said Blankfein, 63, could leave this year and the bank meant to replace him with one of its two co-presidents, David Solomon or Harvey Schwartz. Solomon and Schwartz have been jockeying to succeed Blankfein for months.
Blankfein, 63, was diagnosed with lymphoma, which Goldman disclosed to investors in September 2015. He successfully underwent radiation and chemotherapy and has publicly said he considers himself cured.
Blankfein spent 36 years at Goldman Sachs, a son of a Brooklyn postal worker who rose to lead one of the top firms on Wall Street. Both men were promoted after Gary Cohn resigned in early 2017 to serve as director of the National Economic Council and President Donald Trump's top economic adviser.
More recently, Blankfein was villainized during the election when Trump's closing campaign ad portrayed the CEO as a globalist villain. Bank of America, Citigroup, Morgan Stanley and Wells Fargo have all replaced their CEOs over the years.
Goldman is expected to pick from David Solomon and Harvey Schwartz to replace him. He has been a vocal critic of the Trump administration on immigration and diversity issues and typically uses his own Twitter account to weigh in on public issues.
Leslie Shribman, Goldman's vice president of media relations, declined to comment on the matter.