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>> Position.>> Lloyd Blankfein, long-time chief of Goldman Sachs and one of Wall Street's most powerful and recognized executives is said to be ready to step down. The Wall Street Journal reporting that Blankfein is preparing to leave his post possibly by the end of the year. Reuters Financial Services Editor, Carmel Crimmins.
>> This is Mr Wall Street, right? I mean the Goldman Sachs, when you think of Wall Street and you think of trading, you think of Goldman Sachs. And this is the guy who's led this bank for 12 years including through the financial crisis, and navigated them successfully through it.
Established and consolidated, really powerful trading housing and trading franchise. Of course in the last few years we've seen that trading franchise buckle a little bit because there hasn't been the sort of volatility that they would like to see to enable them to trade.>> The likely pick tasked to come up with a solution to that problem, according to the Journal, will be one of Goldman's two co-presidents, Harvery Schwartz and David Solomon.
Both promoted after Gary Cohn ,once Blain finds number two, join the Trump Administration a position he left this week after a falling-out with the president over steel and aluminum tariffs. The son of a postal worker, a registered Democrat, and a cancer survivor, Blankfein climbed the ranks of Goldman, over his 36 year career, taking over the top job in 2006, from Hank Paulson, when he became Treasury Secretary.
At times, lionized by the press, at other times vilified. In recent years, Blankfein has done as much as anyone, to try and soften Wall Street's public image.>> He's done a lot, certainly with the LGBTQ community. In fact Goldman, I think, was the first bank on Wall Street to actually fly the rainbow flag.
He in particular has led that charge, and we've also seen him join Twitter in recent years, and be vocal and not afraid to criticize the current White House administration.>> And also two knock-downed media reports. Blankfein tweeting Friday, quote, it's the Wall Street Journal's announcement, not mine. I feel like Huck Finn listening to his own eulogy.