How Long Would You Wait to Be in Charge of Goldman Sachs?

Patience Is a Virtue

Executive Covets Goldman Seat Where a Friend Snugly Sits

DealBook

Oh, to be that close. Succession planning, we know, is often a fraught and/or ignored task. But the case of Goldman Sachs is rare: It’s pretty clear that the bank’s president, Gary D. Cohn, is ready in the wings. Except, of course, for a tiny problem: Lloyd Blankfein, the current CEO, ain’t going anywhere (except for global speaking engagements and parties), joking that he’s going to die at his desk. So what are Cohen — who reporter Susanne Craig calls the “Prince Charles of Wall Street” — and Goldman to do? Craig paints a picture of the men as friends whose ambitions might become increasingly conflicted as time rolls on. We know, for instance, that coups have happened before (Paulson versus Corzine), and that the longer Blankfein is in charge, the messier succession planning is likely to become as more candidates enter the fray. So can the company keep everyone happy and keep a solid succession plan in place? Time will tell, but a successful outcome is pretty important: “You can’t understate the importance of the person who runs Goldman,” says Michael J. Driscoll, a former senior trader at Bear Stearns who now teaches at Adelphi University. “The head of Goldman is the de facto head of Wall Street.”