Lloyd Blanknfein, CEO of Goldman Sachs for 12 years, is planning to step down this summer, according to the Wall Street Journal. One of two Co-presidents, David Solomon and Harvey Schwartz, are expected to replace him.
Blanknfein, the longest serving CEO at Goldman, succeeded Henry Paulson in 2006, who left to serve as Secretary of the Treasury. Paulson succeeded Jon Corzine, who entered New Jersey state politics after Goldman, serving as a senator and then governor.
But it’s unlikely Blankenfein will turn to politics, at least on the federal level.
CBS News reports that with the recent White House exit of Gary Cohn, the former President and Co-Chief Operating Officer at Goldman, the era of Goldman’s influence at the White House is waning. Cohn left, who served as Trump’s economic adviser, resigned on Tuesday after a dispute with President Trump over trade tariffs.
Steve Mnuchin, the current secretary of the treasury who worked at Goldman from 1985-2002, is the only administration official left who is a former Goldman employee.
Blanknfein has expressed a number of views that clash with President Trump’s, including opposition to Trump’s “travel ban,” and Trump’s decision to withdraw from the Paris climate accord, expressed in his first ever tweet.