Goldman Sachs CEO Lloyd Blankfein is reportedly preparing to step down after more than three decades at the bank and 12 years in the top job. Who ends up replacing him will hint at where the bank is headed, according to Liz Hoffman, the Wall Street Journal reporter who broke the [story](https://www.wsj.com/articles/lloyd-blankfein-prepares-to-exit-goldman-sachs-as-soon-as-years-end-1520613681?mod=e2tw).
The financial giant’s current Co-Presidents, Harvey Schwartz and David Solomon, are “the heirs apparent” for the role and come from the “two tribal factions of Wall Street,” Hoffman told Cheddar Friday. The pair also serve as Co-Chief Operating Officers at the bank.
Prior to their assuming their current roles, Solomon ran Goldman’s investment banking arm for 10 years while Schwartz served as the company’s Chief Financial Officer for around four years.
“They’ve got very different strengths and weaknesses,” said Hoffman. “Who’s promoted is going to say a lot about where Goldman sees itself over the next five to 10 years.”
Blankfein is one of the longest serving CEOs on Wall Street. He steered the bank out of the depths of the financial crisis that left Goldman with a tarnished image. Part of that plan included rolling out consumer lending to soften the bank’s image.
“Part of the sense, post-crisis, was that they got the bulk of the blame because no one knew what they did,” explained Hoffman. “They got blamed for the mortgage meltdown [when] they didn’t actually make any mortgages. So there was a real sense of secrecy.”
Blankfein did succeed in turning the bank around, and Hoffman pointed out that its stock price hit all time highs in recent weeks.
“[He] has had to work really hard to put Goldman on stable footing, to rehabilitate its image, to make it ‘cool’ again, which I would argue he’s actually done pretty well,” said Hoffman.
Blankfein’s exit plan comes just days after former Goldman Sachs President Gary Cohn resigned as President Trump’s top economic adviser, which led to speculation about Cohn’s return to the bank.
“There’s a lot of chatter about that. I would say they’re...very unrelated. Goldman has moved on,” said Hoffman.
For the full interview, [click here](https://cheddar.com/videos/goldman-sachs-ceo-gets-ready-to-pass-the-torch).
U.S. sports betting is booming as NFL and college football fuel massive activity. BetMGM CEO Adam Greenblatt breaks down trends, growth, and what’s next.
President Donald Trump says a deal struck by Netflix last week to buy Warner Bros. Discovery “could be a problem” because of the size of the combined market share. The Republican president says he will be involved in the decision about whether federal regulators should approve the deal. Trump commented Sunday when he was asked about the deal as he walked the red carpet at the Kennedy Center Honors. The $72 billion deal would bring together two of the biggest players in television and film and potentially reshape the entertainment industry.
Disney's changes to a program for disabled visitors are facing challenges in federal court and through a shareholder proposal. The Disability Access Service program, which allows disabled visitors to skip long lines, was overhauled last year. Disney now mostly limits the program to those with developmental disabilities like autism who have difficulty waiting in lines. The changes have sparked criticism from some disability advocates. A shareholder proposal submitted by disability advocates calls for an independent review of Disney's disability policies. Disney plans to block this proposal, claiming it's misleading. It's the latest struggle by Disney to accommodate disabled visitors while stopping past abuses by some theme park guests.
With a merger this big, creators, studios, and theaters all face uncertain futures. Here’s what experts are worried about and what good could come from it.
With disengagement rising and hybrid work shifting, 'Everybody Matters' author Bob Chapman explains why treating people well could define the future of work.
We sat down with Ali Furman, U.S. Consumer Markets Industry Leader at consulting firm PwC to ask what trends she garnered from the initial data this year.
Seth Schachner breaks down Zootopia 2’s record-smashing debut, holiday box office trends, early 2026 Oscar contenders, and what’s next for Netflix and WBD.
