Goldman Sachs Group Inc (NYSE: GS) Chief Executive Officer Lloyd Blankfein plans to step down as soon as the end of the year, ending a 12-year term, according to the Wall Street Journal.
Although there is no exact timing when Blankfein will leave the firm, sources told CNBC that he can say with the firm until as late as next year or even further.
The firm intends to replace Blankfein with one of its two co-Presidents, David Solomon or Harvey Schwartz, WSJ said, citing sources familiar with the matter.
Schwartz and Solomon succeed Gary Cohn, who left for a position as U.S. President Donald Trump’s top economic advisors. Cohn resigned from his position on Tuesday following Trump’s steel tariff proposal.
Schwartz has served as Goldman’s CFO and ran trading operations. Solomon was an investment banker and advisor to high profile clients.
Blankfein as CEO was able to steer Goldman through the financial crisis and draw in record revenues for the company, but now the recent years, the firm has begun to slow down in the market business.