One of the world’s most powerful bankers is stepping down after more than a decade at the top of international finance.
Lloyd Blankfein is expected to quit Goldman Sachs at the end of the year or early in 2019, when the Wall Street firm celebrates its 150th anniversary.
The 63-year-old’s departure is expected to be followed by the rapid promotion of one of the company’s two co-presidents, Harvey Schwartz and David Solomon, as it seeks to prevent a potentially bitter power struggle.
Stepping down: Lloyd Blankfein is expected to quit Goldman Sachs at the end of the year
Blankfein – who has joked he would die at his desk, such is his love of the job – has spent 36 years at Goldman.
He was born into a working-class Brooklyn family, the son of a postal worker, but fought his way up to chief executive, taking over when predecessor Hank Paulson became Treasury Secretary.
Blankfein is respected for his razor-sharp deal-making, but he triggered outrage in 2009 after casino traders plunged the West into recession when he claimed that bankers are ‘doing God’s work’.
On his watch, Goldman had to shell out £400million over claims it lied to investors about toxic mortgage bonds.
The last three Goldman bosses went into government, but married father of three Blankfein has previously criticised President Donald Trump.