Lloyd Blankfein might step down as CEO of Goldman Sachs this summer and will be replaced by the bank's chief operating officer Gary Cohn, sources close to the bank tell Fortune.
While nothing is definite, replacements at the helm often help big banks navigate through tough times.
"Corporate governance experts have emphasized that leadership changes at the nation's largest financial institutions go a long way toward helping those firms move past the troubles — particularly the reputational damages — wrought by the financial crisis," Fortune reports on its website.
Blankfein is one of the only big-bank CEOs still in power after the financial crisis, including Jamie Dimon, CEO of JPMorgan Chase.
"It seems increasingly certain that Gary Cohn would replace Blankfein. Cohn rose through the ranks at the firm as a trader, along with Blankfein; but over the last 17 years or so he has become a top manager. All of the firm's key business heads report to Cohn."
Fortune reporter Katie Benner, who broke the story, tells CNBC that Blankfein would like to stick around although the board of directors is probably eager for new blood.
"They would love to see a change at the top. They are thinking about life after him. If we see him stay beyond the end of this year, then he has prevailed over the board," Benner says.
© 2024 Newsmax Finance. All rights reserved.