The 63-year-old will be leaving on his own terms, The Wall Street Journal reported. The WSJ report indicated that Goldman would aim to replace Blankfein with either of the bank's two co-presidents, Harvey Schwartz (a former CFO of the company) and David Solomon. Blankfein, who steered the firm through the financial crisis, has yet to set a timetable for his departure or discuss his plans with senior colleagues, one of the people said.
Goldman Sachs declined to comment.
Blankfein has stitched together a patchwork of new initiatives: a consumer bank, a heightened focus on lending and more resources for asset management, including a suite of exchange-traded funds.
Cohn resigned his position at the White House earlier this week and is not expected to return to Goldman. In 1982, he quit his job as a tax lawyer and joined Goldman's commodities arm as a gold salesman.
Blankfein is one of Wall Street's highest paid CEOs.
Blankfein survived a run-in with cancer after being diagnosed with lymphoma in 2015. He was considered at the time as the most likely successor to Blankfein. He declared himself cancer-free about a year later following chemotherapy treatments. Paulson succeeded Jon Corzine, who entered New Jersey state politics after Goldman, serving as a senator and then governor.
Although Blankfein is credited with getting Goldman Sachs back on its feet after the crisis, its trading division has struggled in recent years, and some analysts have faulted Blankfein's leadership.