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Goldman's Blankfein to retire as CEO, Solomon to take over

Goldman's Blankfein to retire as CEO, Solomon to take over

Another Wall Street veteran of the financial crisis is stepping aside: Lloyd Blankfein is retiring as CEO of Goldman Sachs after 12 years at the helm of the storied investment bank.

Blankfein will give way to David Solomon, a long-time Goldman executive who has been considered Blankfein's chosen successor since earlier this year. Solomon will assume the CEO role from Blankfein on Oct. 1 and become chairman of Goldman in 2019.

The succesion announcement came Tuesday as Goldman announced a 44-percent jump in second-quarter profit from a year ago. The performance was largely driven by the investment bank's core franchises: advising companies on mergers, acquisitions and other...

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