Will Gary Cohn Replace Lloyd Blankfein as Goldman Sachs' CEO?

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According to a report from Fortune magazine, Lloyd Blankfein could be stepping down from his position of chief executive of Goldman Sachs Group
GS
by this summer. It's still unknown whether or not Llyod Blankfien actually wants to leave his perch at the top of Wall Street or whether he is being pressured to go. Many see Blankfien as the face of the many Wall Street executives whose risky businesses practices led directly to the financial crisis. If Llyod Blankfien gives up his place at the head of Goldman Sachs, the Wall Street firm may find it easier to put rebuild its image. Gary Cohn, who currently serves as the president and chief operating officer of Goldman Sachs, is the man who is rumored to be taking over from Blankfien if he steps down. According to Fortune, Cohn is said to be the Goldman Sachs board of directors' favorite of the possible successors to Blankfien, despite past reports that Cohn's personality might not be suited for the position. If Goldman Sachs wants a break from the past, Gary Cohn would actually be an odd choice to replace Blankfien. The two men have long been associated with each other, both of them coming from Goldman's trading business. Many observers believe that it's their trading mentality that tarnished Goldman Sachs's previously sterling reputation, as the firm seemed to be placing bets against its clients in some of its trades. According to a New York Times report, Gary Cohn was also the head of a Goldman Sachs delegation that traveled to Greece promoting a financial instrument that would have pushed much of the government's debt far into the future and enebled Greece to further obscure its true financial position. Gary Cohn may be the most qualified possible successor at Goldman Sachs but if he replaces Llyod Blankfien and Greece eventually defaults, he and Goldman Sachs could be facing greater scrutiny and criticism than ever.
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Posted In: NewsRumorsMovers & ShakersPoliticsManagementEventsGlobalEcon #sEconomicsGeneralFortuneGary CohnGreeceLloyd BlankfienNew York Times
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