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Goldman CEO Blankfein says report of stepping-down not from him

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Goldman CEO Blankfein says report of stepping-down not from him

He and Solomon were named co-COO in December 2016 in a setup that appeared to pit the two against each other to eventually lead what is viewed as the most powerful United States investment bank. He had been co-head of the bank's trading division before being promoted to chief financial officer in 2013, while Solomon, 56, had been a co-head of investment banking at Goldman since 2006 until becoming co-COO.

"Harvey has been a mentor to many, and his influence has made an indelible impact on generations of professionals at Goldman Sachs".

The investment bank intends to replace Blankfein, 63, with one of its two co-presidents, David Solomon or Harvey Schwartz, the newspaper said Friday, citing people familiar with the matter that it didn't name. The firm has declined to comment on Blankfein's future career plans.

Harvey Schwartz, one of the two men considered as the potential successor to Goldman Sachs CEO Lloyd Blankfein, is retiring next month, the bank announced Monday. "I want to thank Harvey for all he's done for the firm", Blankfein said in a statement.

If Solomon does inherit the CEO job from Blankfein, he may have his work cut out for him.

Lately, there's been a great deal of speculation about who might take Blankfein's place.

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The Wall Street Journal had reported yesterday that Blankfein is gearing up to stand down from the helm "as soon as the end of the year" after more than 12 years steering the firm. Blankfein later tweeted that the announcement wasn't his.

Nowhere was the news met with more surprise than inside Goldman Sachs.

Prior to joining Goldman Sachs, Solomon worked at Bear Stearns, where he helped run the now-defunct investment bank's junk bond business. Before that, he did stints at Salomon Brothers and Drexel Burnham Lambert. His other extracurricular activities including moonlighting as D.J.

He also had a less-than-typical career path - he skipped the Ivy League and studied political science at Hamilton College in upstate NY. He serves on Hamilton's board of trustees.

Julia La Roche is a finance reporter at Yahoo Finance.

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