Lloyd Blankfein, Goldman Sachs CEO, may leave job by year-end

Goldman Sachs chairman and CEO Lloyd Blankfein

The report says that Goldman head Lloyd Blankfein is set to step down as early as the end of 2018, capping a roughly 12-year run at the helm of the world's most prominent investment bank.

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

The 63-year-old will be leaving on his own terms, The Wall Street Journal reported. Goldman then named Harvey Schwartz and David Solomon as co-presidents and co-chief operating officers in December 2016, increasing speculation that Blankfein could be stepping down.

A Goldman Sachs Group Inc. spokesman declined to comment on the report. Visit MarketWatch.com for more information on this news.

Goldman Sachs is reportedly considering co-presidents Harvey Schwartz and David Solomon as replacements.

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Blankfein, the son of a postal worker who grew up in a Brooklyn housing project, has become a billionaire from his Goldman Sachs career. In 1982, he quit his job as a tax lawyer and joined Goldman's commodities arm as a gold salesman.

Following the 2008 crisis, Blankfein became the poster child for Wall Street's role in fueling the meltdown. He was considered at the time as the most likely successor to Blankfein.

The stock price of Goldman Sachs was up 1.5% on the news and near its high for the day. Last June, he used his first-ever tweet to slam Trump's decision to leave the Paris climate accord.

Although Blankfein is credited with getting Goldman Sachs back on its feet after the crisis, its trading division has struggled in recent years, and some analysts have faulted Blankfein's leadership.

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