Goldman’s Blankfein prepares exit for as soon as year end: Report

Lloyd Blankfein, Goldman Sachs’ chairman as well as chief executive, is usually preparing an exit by the end of the year after a 12-year tenure atop the Wall Street powerhouse, according to a report.

Goldman shares took an immediate hit following the late Friday morning report via The Wall Street Journal however then stabilized as well as was up 1.5 percent by early afternoon.

No formal timeline has been set for Blankfein’s exit as well as the item’s possible he could remain at the bank into next year as well as beyond, sources familiar with the situation told CNBC. Goldman declined to comment to CNBC about the report.

Blankfein became CEO in 2006 as well as until Friday had indicated he was in no hurry to leave. In late 2016, the bank named two co-presidents, Harvey Schwartz as well as David Solomon. Both executives are in their mid-50s as well as are the likeliest candidates to succeed Blankfein, at least via within the bank, according to the Journal, which cited people familiar with the matter.

Schwartz as well as Solomon were named to succeed Gary Cohn, Blankfein’s long-serving lieutenant who left to become the top economic advisor to President Donald Trump last year. Cohn announced on Tuesday he was leaving the White House.

Solomon is usually a long-time investment banker as well as advisor to some of the firm’s most important clients, while Schwartz spent time as Goldman’s chief financial officer as well as once ran the firm’s trading operations.

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