Succession wars at Wall Street firms can resemble the most intense of Shakespearean dramas, and the one unfolding at the House of Blankfein is no exception.
Fortune reports that Blankfein may step aside as head of Goldman Sachs as soon as this summer and would most likely be replaced by President and Chief Operating Officer Gary Cohn. Blankfein, 57, has served as chief executive since May 2006.
It's not clear what will happen or whether Blankfein himself wants to leave. It's possible he would share the position with someone else, as has been tradition at Goldman. But it's also possible he may leave his position to signal a new start for the firm after a troublesome past few years. Of all the big banking CEOs, only Blankfein and Jamie Dimon of J.P. Morgan Chase kept their titles after the 2008 malaise.
Fortune cites sources as saying Cohn is the top choice for a successor, and it's true Cohn has done a thorough job of taking charge. All of the business heads report to him, and J. Michael Evans, the global head of growth markets, hasn't curried as much favor with the board, according to Fortune.
It's only February now, so set those alarms for the summer solstice. Tales of betrayal, intrigue and espionage are sure to unfurl before then.
Jeremy Lin can teach you a thing or two about how to slam dunk your career. (We meant that to be laughably bad, we promise.)
Bank of America Chief Executive Brian Moynihan isn't exempting himself from Project BAC. The CEO will only be able to earn up to $5.9 million in restricted stock as part of his 2011 bonus, a 35% decrease from last year.
If Moody's cuts the credit rating of various banks around the world, that could result in more layoffs. What doesn't cause job cuts these days?
Private equity honcho Stephen Schwarzman will take home more than $120 million in dividends for 2011. That may catch the government's eye.
Executives at the world's biggest commodities trader, Glencore, own stakes at the company worth hundreds of millions of dollars. Silver and aluminum are worth a lot more than meets the eye.
Congress has voted to extend unemployment benefits until the end of 2012. That gives you ample time in which to find a job you love.
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Buzz Around the Office
Old Louis (YouTube)
Don't be sacred, he's harmless.
List of the Day: Making Time
Get out of the office as much as you can without losing facetime. That's the key to getting creative ideas.
1. All-nighters aren't as impressive to your colleagues as you think.
2. Be on the lookout for interesting ideas when you're on vacation.
3. Getting a hobby will help you look at things through a new prism.
(Source: The Globe and Mail)
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