The New York Times reports Goldman Sachs president David M. Solomon is likely to succeed Lloyd C. Blankfein, Chief Executive Officer of the powerful Wall Street bank, in December.
“Given what is likely to be a relatively short run-up to his promotion, Mr. Solomon is starting to sketch out the possibilities for a new management team, according to Goldman employees,” the New York Times reports.
The 63-year-old banker was named CEO in 2006 and is largely credited for steering the bank through the financial crisis of 2007–2008.
In 2009, Blankfein came under fire for comments he made to The Times of London, in which he characterized the services that the bank offers as “God’s Work.”
The Times‘ Kate Kelly cites two sources as saying that Blankfein’s retirement will likely take place in connection with the Goldman’s annual dinner for retired partners in December.
Goldman refused to confirm the report. In response to the Times‘ inquiries, Goldman Sachs spokesperson Jake Stewart said, “The simple fact is that no decisions have been made.”