Goldman Sachs’ Blankfein to retire, successor is named
NEW YORK — Goldman Sachs’s longtime chief executive, Lloyd Blankfein, announced Tuesday that he is retiring and turning one of Wall Street’s most coveted jobs over to an investment banking veteran — and occasional D J.
David Solomon, 56, was named CEO of Goldman at a time the New York bank is trying to move into new markets and shed its long-held reputation as a secretive trading house. Blankfein will step down as chief executive on Sept. 30.
Blankfein’s retirement has long been expected. The 63-year-old is one of Wall Street’s longest-serving CEOs, helping Goldman navigate the perils of the global financial crisis. The bank is now smaller, in both revenue and profits, than when Blankfein took the reins in 2006. But it is also poised to benefit from the Trump administration’s regulatory rollback. Along the way, Blankfein survived cancer, joined Twitter and cemented his reputation as a senior industry statesman.
“David is the right person to lead Goldman Sachs,” Blankfein said in a statement.
The son of a postal worker, Blankfein rose to the pinnacle of Wall Street power after starting at Goldman in 1982 as a gold salesman. He was named CEO in 2006 after the departure of thenchief executive Hank Paulson to be U.S. treasury secretary.
The global financial crisis gave Blankfein the biggest challenge of his career. He was credited for helping the firm survive the crisis financially intact, but criticized for not quickly recognizing the need to diversify into new areas and guard the bank’s public image.