Lloyd Blankfein to Step Down as CEO of Goldman Sachs

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 Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term 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 Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term transactions by their clients, a practice known as front-running.‎