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Lloyd Blankfein, Goldman Sachs Group Inc. chief executive officer plans to step down as soon as the end of this year, the Wall Street Journal reported.

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Blankfein, 63, has run Goldman since 2006, and ran the NY firm through the housing market bubble and subsequent financial crisis. However, the Journal reported that Goldman is not looking beyond Schwartz or Solomon. Although Goldman's wealth and asset management unit generated record net revenues in 2017, its 2017 net income of $4.3 billion fell by more than 40 percent compared to its 2016 earnings. Either way, the bank appears to be laying the groundwork for succession after Blankfein helped guide the bank out of the 2007-'08 financial crisis.

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Blankfein, the son of a postal worker who grew up in a Brooklyn housing project, has become a billionaire from his Goldman Sachs career. One of two Co-presidents, David Solomon and Harvey Schwartz, are expected to replace him. He's preached patience to investors while pointing to strong results in the firm's other businesses, including investment banking. He initially joined Goldman's commodities trading arm, and after 12 years, he was promoted to co-head of the currency and commodities division. He rose through the firm's trading business and took the top job in 2006 when Hank Paulson left to become Treasury secretary. Cohn was one of the key architects of the U.S. Tax Cuts and Jobs Act, which received nearly universal praise from Wall St. executives, including Blankfein. Last June, he used his first-ever tweet to slam Trump's decision to leave the Paris climate accord. He declared himself cancer-free about a year later following chemotherapy treatments.

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Over the past year, Goldman stock has lagged far behind rival Morgan Stanley as well as bigger banks, such as Citigroup and Bank of America.


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