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Lloyd Blankfein to Step Down as CEO of Goldman Sachs

by Aziz Abdel-Qader
  • Goldman intends to replace Blankfein, 63, with its co-president, David ‎Solomon‎.
Lloyd Blankfein to Step Down as CEO of Goldman Sachs
Lloyd Blankfein (L), CEO of Goldman Sachs, next to Jamie Dimon, CEO of JPMorgan Chase (R) (Reuters)
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The chief executive of Goldman Sachs, Lloyd Blankfein, plans to step down ‎as soon as the end of this year, ending a controversial 12-year tenure ‎with the investment bank, the New York Times reported on Friday.‎

Goldman intends to replace Blankfein, 63, with its co-president David Solomon, ‎the newspaper said, citing people familiar with the matter that it didn’t name. ‎

Mr. Blankfein, who is Goldman’s chairman and chief executive, was ‎appointed to his roles in June 2006. Also, he successfully led ‎his bank through the 2008 global economic and financial crisis ‎without any major mishaps.‎

Speculations of his stepping down as the CEO have been rife after ‎Blankfein publicly revealed two years ago that he had a highly curable form of lymphoma.‎

However, he wasn’t the first Wall Street CEO to receive a cancer diagnosis. JPMorgan CEO Jamie Dimon also revealed in 2014 that he had been undergoing treatment for throat cancer.

Shares of Goldman closed down 0.88 percent on Friday.‎

Earlier this month, the bank was hit by a $110 million fine from the New York ‎regulators and the Federal Reserve in an antitrust lawsuit alleging that its traders ‎routinely manipulated the Forex market for their profit.‎

The DFS said Goldman Sachs had insufficient oversight and controls over ‎its FX traders, who allegedly discussed trading positions with competitors, ‎using electronic chatrooms. The traders frequently tried to trade ahead of ‎big foreign-Exchange transactions by their clients, a practice known as front-running.‎

The chief executive of Goldman Sachs, Lloyd Blankfein, plans to step down ‎as soon as the end of this year, ending a controversial 12-year tenure ‎with the investment bank, the New York Times reported on Friday.‎

Goldman intends to replace Blankfein, 63, with its co-president David Solomon, ‎the newspaper said, citing people familiar with the matter that it didn’t name. ‎

Mr. Blankfein, who is Goldman’s chairman and chief executive, was ‎appointed to his roles in June 2006. Also, he successfully led ‎his bank through the 2008 global economic and financial crisis ‎without any major mishaps.‎

Speculations of his stepping down as the CEO have been rife after ‎Blankfein publicly revealed two years ago that he had a highly curable form of lymphoma.‎

However, he wasn’t the first Wall Street CEO to receive a cancer diagnosis. JPMorgan CEO Jamie Dimon also revealed in 2014 that he had been undergoing treatment for throat cancer.

Shares of Goldman closed down 0.88 percent on Friday.‎

Earlier this month, the bank was hit by a $110 million fine from the New York ‎regulators and the Federal Reserve in an antitrust lawsuit alleging that its traders ‎routinely manipulated the Forex market for their profit.‎

The DFS said Goldman Sachs had insufficient oversight and controls over ‎its FX traders, who allegedly discussed trading positions with competitors, ‎using electronic chatrooms. The traders frequently tried to trade ahead of ‎big foreign-Exchange transactions by their clients, a practice known as front-running.‎

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