Lloyd Blankfein may step down as chief executive of Goldman Sachs as early as this summer, according to Fortune magazine.
President and Chief Operating Officer Gary Cohn is the lead candidate to replace him, according to the report.
The move is largely seen as a way to recover from damages to the firm’s reputation during the financial crisis.
While the move is not at all certain, Cohn’s viability as the CEO of Goldman is strong. The stock was up after the news broke in pre-market trading on Tuesday.
“He rose through the ranks at the firm as a trader, along with Blankfein; but over the last 17 years or so he has become a top manager. All of the firm’s key business heads report to Cohn. He has also emerged as a global ambassador for the bank,” reports Fortune’s Katie Benner.