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Blankfein May Leave Goldman Sachs by Summer: Report

CNBC – Tue, Feb 21, 2012 10:09 AM EST

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Lloyd Blankfein may step down as chief executive of Goldman Sachs as early as this summer, according to Fortune magazine.

President and Chief Operating Officer Gary Cohn is the lead candidate to replace him, according to the report.

The move is largely seen as a way to recover from damages to the firm's reputation during the financial crisis.

While the move is not at all certain, Cohn's viability as the CEO of Goldman is strong. The stock (NYSE: GS - News)was up after the news broke in pre-market trading on Tuesday.

"He rose through the ranks at the firm as a trader, along with Blankfein; but over the last 17 years or so he has become a top manager. All of the firm's key business heads report to Cohn. He has also emerged as a global ambassador for the bank," reports Fortune's Katie Benner.

Benner told CNBC on Tuesday that "[Blankfein] would like to keep his job for much longer," but that board of directors are waiting for his departure.

"They would love to see a change at the top. They are thinking about life after him. If we see him stay beyond the end of this year, then he has prevailed over the board," she said.

Another possibility is for Blankfein to share the role of CEO, which was the path of John Weinberg and John Whitehead; Robert Rubin and Stephen Friedman; and Jon Corzine and Henry Paulson.



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81 comments

  • Mr. E
    Mr. E  •  3 months ago
    This man is a rodent.
    • Hawsink
      Hawsink 3 months ago
      A bald rodent
    • Andrew
      Andrew 3 months ago
      A peace of #$%$
    • Elizabeth
      Elizabeth 3 months ago
      You are being unfair to rodents.
  • A
    A  •  3 months ago
    Gary Cohn, pronounced con, as in "Con Man". Frighteningly appropriate!
    • A
      A 3 months ago
      The entire Goldman Sachs management group should be prosecuted under the RICO Act!
    • A
      A 3 months ago
      I think that it is more of a pathological problem than a religious one...
  • Steven
    Steven  •  New York, New York  •  3 months ago
    This person needs to go to jail because of things he did, not what religion he is.
    • Diogenes
      Diogenes 3 months ago
      It's not the religion. It's the social behavior that has been reinforced over the years.
  • JJ
    JJ  •  Chicago, Illinois  •  3 months ago
    Goldman got a bailout. It will be interesting how much of a bonus he gets when he leaves.
    Any guesses? I say 100 million. It may be kept quiet from all his political friends
    • J
      J 3 months ago
      i guess you dont realize this but several companies did not need the bail out but were forced to take it so it did not alienate the ones who did need it.. goldman did not need a bailout but took it at the treasuries request.. if some took it while others did not then it would have hurt there stock and there would have been runs on those banks.. goldman paid the interest on the money and then paid it back at the first available time
    • Andrew
      Andrew 3 months ago
      J, if he took the money to cover up for the other banks he s just as wrong, there should have been a run on the money, he was given bonus just like the other banks the true story on all of this needs to come out and not only CEO's from the banks but who ever in the Government that didn't do there job or covered up anything from AIG to the banks people knew what was going on from shorting Lemon to the Insurence paid out from AIG to the banks, what was Paulson really doing the truth needs to be told!! Jail Time for all of them
    • Amerika
      Amerika 3 months ago
      I would say at least 100 million. You may underestimate these gangsters. He is one of the top gangsters of the Federal Reserve cartel, the cartel that has caused massive inflation throughout the world, stolen trillions, caused wars, murdered people, starved people, and caused misery. He might steal billions or hundreds of billions on his way out.
  • Jack Goldman
    Jack Goldman  •  3 months ago
    Invade, kill, steal, lie for loot, leave. The evil doers at Goldman Sachs have sacked and looted the treasury to bail out NYC and bankrupt Main Street. My real estate is down 40% in four yeas, first time since the Great Depression in 1930. Jail these evil criminals.
    • A Yahoo! User 3 months ago
      this is what greedy jews do..
  • Banks
    Banks  •  Chattanooga, Tennessee  •  3 months ago
    Thank God, he has ripped off America for years!
  • MTB
    MTB  •  3 months ago
    Out with the old devil and in with the new! Blankfein can retire and never come close to spending his mass fortune he made at Goldman. He got the CEO position because he pushed Goldman to embrace proprietary trading (for the sole benefit of the bank), which created massive profits at the expense of outside investors, including at times thier own clients. He is one of the guys that made greed good on Wall Street! Hell will be hot for this man! Good stuff!
  • Scott
    Scott  •  3 months ago
    Hang the crook.
  • Visualverbs
    Visualverbs  •  West Fork, Arkansas  •  3 months ago
    Quote: "Lloyd Blankfein may step down as chief executive of Goldman Sachs as early as this summer, according to Fortune magazine.

    President and Chief Operating Officer Gary Cohn is the lead candidate to replace him, according to the report."

    What, was Satan too busy to take the helm?
  • diocletian
    diocletian  •  Mt Hamilton, California  •  3 months ago
    wish he would leave the planet
  • A Yahoo! User  •  Cleveland, Ohio  •  3 months ago
    Oh no..who's going to do God's work now?
  • FreedomHawk
    FreedomHawk  •  Carol Stream, Illinois  •  3 months ago
    NO!!! He can’t leave… He’s doing God’s work being a #$%$ bag money changer… He said it himself that he’s working on God’s behalf… I hope he burns up nice and crispy!!!
  • Amerika
    Amerika  •  3 months ago
    Very suspicious! Lloyd "the theif" Blankfein leaving, Barney Frank stepping down, Pelosi thinking about retiring, and other bankers and politicians. I bet these gangsters will leave the country before TSHTF.
  • Lawrence
    Lawrence  •  Ukiah, California  •  3 months ago
    It's about time this filthy troll took a hike. Throw this criminal in jail for life.
  • A
    A  •  3 months ago
    Satan was too busy with his job at JPMorgan Chase to take the position, although he will consider it in the future...
  • Stop the KOCHROACHES
    Stop the KOCHROACHES  •  3 months ago
    Oh Oh....his retirement package will cost us hundreds of billions again!
  • Hawsink
    Hawsink  •  New York, New York  •  3 months ago
    He has finished doing God's work at Goldman. After he steps down, he'll concentrate full time on becoming the next treasury secretary.
  • Oops_try_again
    Oops_try_again  •  3 months ago
    His pockets are full.
  • Allen
    Allen  •  Greenville, South Carolina  •  3 months ago
    He is just waiting until he settles the details on some new job with a crazy salary
  • steve1808824
    steve1808824  •  3 months ago
    At $40 million a year I would retire after a couple of years regardless.
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