Goldman Sachs CEO Lloyd Blankfein will step down from leading the powerful Wall Street bank as soon as the end of the year, the Wall Street Journal reported Friday.
Blankfein, 63, is planning to leave around the investment bank’s 150th birthday in 2019, the Journal reported. He has been Goldman’s chief executive since 2006, replacing former Treasury Secretary Hank Paulson.
Blankfein was responsible for cleaning up the aftermath of Goldman’s role in the financial crisis. The bank was one of several firms to trade risky securities backed up by subprime mortgages that collapsed with the housing market in 2007.
Goldman is likely to fill the role from within. The Journal said the bank will likely promote one of its co-presidents, Harvey Schwartz and David Solomon, to lead the bank. Schwartz and Solomon replaced for COO Gary Cohn when he left in December 2016 to join the Trump administration.
Cohn, who resigned from the White House on Tuesday, was seen as Blankfein’s likely heir before joining the administration.
Goldman alumni have a long track record of joining the federal government after their tenures, but Blankfein has been critical of President Trump for his immigration policy and derogatory January comments about “shithole” countries.
However, Blankfein praised Trump and GOP lawmakers for passing a massive corporate tax cut last year, which he said would help boost the economy.
The departure would end 36-years with Goldman for Blankfein. He joined the firm 1982.