Goldman Sachs CEO Lloyd Blankfein to Retire by 2019

A source close to the situation told AFP there was no firm timetable to longtime Goldman Sachs chief executive Lloyd Blankfein's departure

Dow Jones reporting the Chief Executive's successor will be one of the firm's two co-presidents, Harvey Schwartz or David Solomon. "Goldman has typically liked to keep things moving. But, considering the recent strategic decisions, that would be typical". Cohn left, who served as Trump's economic adviser, resigned on Tuesday after a dispute with President Trump over trade tariffs.

The former partner added that the bank would not want to appease both divisions by creating a co-CEO structure that has been favoured by some in the past.

The 63-year-old will be leaving on his own terms, The Wall Street Journal reported. "He backed Solomon to get the top job because "[Goldman] bankers are having a big day again".

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Blankfein is one of the longest-tenured Wall Street chiefs, exceeded only by JPMorgan Chase boss Jamie Dimon, who recently revealed plans to stay on for another five years. He declared himself cancer-free about a year later following chemotherapy treatments.

He rose through the ranks, taking on the role of vice chairman, overseeing the fixed income, currency, and commodities division and the equities division, according to the firm's website. This is its worst annual result since the 2008 financial crisis.

The time has finally come.

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Blankfein led Goldman through the financial crisis, which gave him a first-hand taste of the public's disdain for Wall Street following the housing bust. Schwartz said previous year that the bank was aiming for an additional $1bn in annual revenues from its FICC division by 2020 and that it had doubled the number of experienced hires as it targets growth. "I think it would be a good change for the firm". However The Journal reports that Goldman is not looking beyond Schwartz or Solomon. Shares were mostly unchanged from their prices prior to the news.

"Lloyd's been there a while compared to most of his recent predecessors", said Christopher Whalen, the head of Whalen Global Advisors.

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