At the quarterly meeting of Goldman Sachs managing directors, Lloyd Blankfein announced he will retire as Chairman and CEO this year, and his successor will be David Solomon, the firm’s current President and COO.
Q2 hedge fund letters, conference, scoops etc
David Solomon Formally Announced As Lloyd Blankfein's Successor
Transcript
I am going to announce and I think it will be sent out imminently or probably just now that I'll be stepping down as CEO at the end of September and as chairman and I'll retire from the firm at the end of the year. That comes as a great shock to everybody. Given the recent press but as I hear myself say that because I don't think I've said that out loud yet I'm going to I'm going to pause and let it sink in. Not so much to you but to me. You know by the way I'm not going to another bank because I know every time somebody brother and I took off my coat too because every time somebody comes into my office and is wearing their coats going oh my God where are you going. You know I say also that I'm also very pleased this will be a shock in coming out of nowhere that David Solomon will be succeeding me in in both of the roles that I that I currently occupy. I'd say I always knew that the day would come. But again the reality prompts a lot of thoughts and emotions and being the history guy that I am I tend to reflect upon these things in fact I was reflecting on this from the moment I got my job. Much as the press was speculating on when I was going to leave my job. From the moment I got my job about 12 years ago little over a little over 12 years ago I'm always asked. Now I get asked in the context when I was at get asked What are your plans for succession.
Even now as I stand here and report it I get asked what what about the timing why are you doing this. And I always responded and you know when it just is absolutely right when things are going badly in the firm or the environment is challenging and it's tough. I can never contemplate leaving you can't leave. And when the times are better believe me you don't want to leave because things are going well and it's exciting and you're pumped up and you don't want to and it's very hard to get out. I've always joked that my last stop my most recent predecessors had the benefit of attractive offers from government rich you know. We'll see what comes over the transom but I'd say as I stand here now I'm not dying to leave. I'm feeling good. I love you know obviously I love the firm men young energetic. I'm excited about the prospects of the firm.
It feels like a good moment in the firm and çınar in a weird way in this improving time and that I'm optimistic and I think Heather quite captured it in a weird way it kind of makes it the right time to go because things are good and the runway is clear and we have a great performance and we have a you know you know I personally feel that I have a great successor and I think you know I want to go and reiterate some of those points of view now that you heard a little bit from Marty and take a you know kind of a you know perspective on our businesses I've seen and just categorize these things you know our investment banking business really has never been stronger and really has gotten stronger over these years. You know the mythology that we were always this great you know it wasn't really that true you know. You know I've been here for quite a long time and we know jousted and trading positions back and forth but the content you know the constancy with which we're number one and all the important investment banking metrics never took it for granted. If in between a quarter inch quarter we slipped to number two. The people in that division are just hysterical about recovering their position. They don't take it for granted either. And you know it's you know obviously in the classic Amane. But when we turned on the Jets for our origination business on the thick you know on the debt side we also moved up the we moved up the leader board and that stuff was on the debt side of the business as well. Investment management and in some ways I still you know is done great and is really a great growth story and I really believe IMT is really an underappreciated part of the firm. I know every part of the firm is under appreciated part of the firm and every individual is under appreciated but I think that that's the market doesn't realize that you know how that division is grown. What a big part of the firm it is today and really what the prospects are and how it's grown in a market that's generally not favorable.
