Goldman Sachs CEO Blankfein said to exit as soon as year's end

Goldman Sachs CEO Blankfein said to exit as soon as year's end

Goldman Sachs CEO Blankfein said to exit as soon as year's end

While the timing of Blankfein's actual departure could still change, according to the report, when he does step away, a "quick transfer of power" is likely to occur from within the bank's internal ranks, according to the Journal.

The report says that Goldman head Lloyd Blankfein is set to step down as early as the end of 2018, capping a roughly 12-year run at the helm of the world's most prominent investment bank.

However, Blankfein distanced himself from the Journal's story, joking on Twitter, "I feel like Huck Finn listening to his own eulogy". One of two Co-presidents, David Solomon and Harvey Schwartz, are expected to replace him.

GS stock gained about 1.1% on Friday following the news. Members of the management committee were stunned, according to people familiar with the matter.

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He's had the job for 12 years, and steered the bank through the 2008 financial crisis.

It's hardly a secret that Blankfein might move on in the near future.

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.

Blankfein, 63, has run Goldman since 2006, and ran the NY firm through the housing market bubble and subsequent financial crisis. Bank of America, Citigroup, Morgan Stanley and Wells Fargo have all replaced their CEOs over the years. In addition to Solomon and Schwartz, Mayo said in a Bloomberg Television interview he'd consider former Goldman president and Trump administration adviser Gary Cohn a candidate, as well as Blankfein, "because it's not certain he will be gone and we've had these reports in the past".

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