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Goldman Sachs Names David Solomon C.E.O. as Blankfein Plans Exit

“Then came the financial crisis that hobbled the banking industry, followed by a return to robust profits in 2009” reports nytimes.com. Blankfein’s first full year running Goldman Sachs, the firm brought in close to $1 billion per week in revenue, thanks largely to its stock and bond trading. Source: nytimes.com Share This:

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David Solomon, investment banker and part-time DJ, to lead bank

“A veteran banker who also DJs under the stage name DJ D-Sol has been named as the next chief executive officer of Goldman Sachs” writes Dominic Rushe for theguardian.com. Blankfein steered the bank into and out of the aftermath of the financial crisis – a crisis that proved almost existential for Goldman Sachs.Solomon, the current president of the bank, is also a yoga practitioner and plays electronic dance music as DJ D-Sol. Source: theguardian.com Share This:

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Goldman CEO Lloyd Blankfein to retire, to be succeeded by Co-COO David Solomon

“Blankfein will be given the title of senior chairman after his retirement, and Solomon will join the board on Oct. 1” writes Reporter Editor for marketwatch.com. GS, +2.22% said Lloyd Blankfein will down as chief executive on Sept. 30 after about 12 years in the role, and retire as chairman and from the firm at the end of the year. Source: marketwatch.com Share This:

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Goldman Sachs’ stock-based pay ratio still much higher than rivals’

“As the biggest individual holder of Goldman shares, Blankfein arguably has more at stake in the transition than anyone else” reports businessinsider.com. If the high burn rate persists, Goldman stock could become less attractive to investors relative to its peers while potentially weighing on its operating performance.Goldman also has been aggressively buying back stock, which elevates the burn rate.Big investors take notice of a burn rate because it measures how much value a company transfers to executives, said John Roe, head of ISS’s data arm.Looking ahead, Goldman is moving into…

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Goldman’s stock climbs as Blankfein is set to retire as CEO as early as 2018, says report

“The paper said Goldman head Lloyd Blankfein is set to step down as early as the end of 2018, capping a roughly 12-year run at the helm of the world’s most prominent investment bank” writes Mark Decambre for marketwatch.com. For the year, Goldman’s shares were up 6.2%, compared with the S&P 500 index SPX, +1.74% which is up 3.6% so far in 2018.The 63-year-old Blankfein could also retire in the bank’s 150th anniversary year of 2019.Either way, the bank appears to be laying the groundwork for succession after Blankfein helped…

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Goldman’s Blankfein is set to retire as CEO early as 2018, according to reports

“The report says that Goldman head Lloyd Blankfein is set to step down as early as the end of 2018, capping a roughly 12-year run at the helm of the world’s most prominent investment bank” writes Mark Decambre for marketwatch.com. For the year, Goldman’s shares were up 6.2%, compared with the S&P 500 index SPX, +1.17% which is up 3.6% so far in 2018.The 63-year-old Blankfein could also retire ahead of the bank’s 150th anniversary year in 2019. Source: marketwatch.com Share This:

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It’s Getting Harder to Tell Banks From Tech Companies

“Engineering underpins our growth initiatives,” says a summary page, and it doesn’t mean financial engineering” writes Tyler Cowen for bloomberg.com. And in investment banking, “Engineering enhances client engagement through apps, machine learning and big data analytics.”.  Source: bloomberg.com Share This:

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The world is minting millionaires quicker than Goldman Sachs can keep up with them — and it’s making a fortune off of them

“Fortunately for Goldman Sachs, the world is minting more multi-millionaires than the bank can keep up with” writes Alex Morrell for businessinsider.com. “The world seems to be growing rich people faster than we can grow advisers to cover them,” Blankfein said.”The world seems to be growing rich people faster than we can grow advisers to cover them,” CEO Lloyd Blankfein said.Matt Cardy/Getty Images Business is good if you’re a wealth adviser at Goldman Sachs, as millionaire clients are popping up quicker than the bank can keep up with. Source: businessinsider.com Share…

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