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Goldman CEO Blankfein likely to step down by December: NYT

May 18, 2018 at 02:57 pm EDT

(Reuters) - Goldman Sachs Group Inc Chief Executive Lloyd Blankfein is expected to step down by December, the New York Times reported on Friday, citing people familiar with the bank's plan.

Blankfein, 63, one of the longest-serving CEOs on Wall Street, has led what is viewed as the most powerful U.S. investment bank for nearly 12 years. He has outlasted calls for his departure in the aftermath of the 2007-2009 financial crisis and stayed in the job even as he battled cancer.

Blankfein is likely to be replaced by Goldman President David Solomon, the newspaper reported.

The Wall Street Journal had reported in March that Blankfein plans to depart by the end of the year.

Goldman was not immediately available for comment.

(Reporting by Nikhil Subba and Parikshit Mishra in Bengaluru; Editing by Maju Samuel)

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Lloyd Blankfein

Lloyd Craig Blankfein (born September 20, 1954) is an American business executive. He is the CEO and Chairman of Goldman Sachs. He assumed this position upon the May 2006 nomination of former CEO Henry Paulson to United States Secretary of the Treasury.

Biography

Early life
Lloyd Blankfein was born in the Bronx borough of New York City, to a Jewish family, and reared in the Linden Houses, a New York City Housing Authority project in the East New York section of Brooklyn. His father was a clerk with the U.S. Postal Service branch in the Manhattan borough of New York City and his mother was a receptionist. As a boy, he worked as a concession vendor at Yankee Stadium. and then Donovan, Leisure, Newton & Irvine. In 1981, he joined Goldman's commodities trading arm, J. Aron & Co., as a precious metals salesman in its London office.

He has served as Chairman and Chief Executive Officer of Goldman Sachs since 2006. He earned a total of $54.4 million in 2006 as one of the highest paid executives on Wall Street. His bonus reflected the performance of Goldman Sachs, which reported record net earnings of $9.5 billion. The compensation included a cash bonus of $27.3 million, with the rest paid in stock and options. While CEO of Goldman Sachs Group in 2007, Blankfein earned a total compensation of $53,965,418, which included a base salary of $600,000, a cash bonus of $26,985,474, stocks granted of $15,542,756 and options granted of $10,453,031.

In 2009, the Financial Times named Blankfein its "2009 Person of the Year", stating, "His bank has stuck to its strengths, unashamedly taken advantage of the low interest rates and diminished competition resulting from the crisis to make big trading profits." Critics of Goldman Sachs and Wall Street have taken issue with those practices. Taking a different view, Forbes listed Blankfein as one of "The Most Outrageous CEOs of 2009."

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