Goldman Sachs Group Inc.'s (GS) - Get Goldman Sachs Group, Inc. (GS) Report CEO is stepping down.

Lloyd C. Blankfein, CEO of Goldman, will be leaving the company later this year. 

David Solomon, who was recently promoted to president, will be taking over as CEO. It's been reported that Blankfein plans on stepping down in December of this year.

Goldman's stock was down nearly 1% in afternoon trading on Friday.

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