What you need to know on Wall Street today
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The time has finally come.
After more than 12 years at the top of Goldman Sachs, CEO Lloyd Blankfein is set to step down as soon as the end of the year, according to Liz Hoffman and Joann S. Lublin at the Wall Street Journal.
His departure would likely lead to a quick appointment for either David Solomon, a former dealmaker, or Harvey Schwartz, the ex-CFO who worked with Blankfein in the early days of his career at Goldman Sachs in commodities trading.
Here's what you need to know about the two men vying to replace Blankfein at the top of Goldman Sachs.
Investors were on edge heading into Friday's US jobs report, bracing for the worst as fears swirled around speculation of inflationary pressures. Of particular concern was wage growth, which had accelerated in recent months, leading to worries over the prospect of quicker monetary tightening from the Federal Reserve.
Those fears were put to rest Friday - at least momentarily - as the Bureau of Labor Statistics said average hourly earnings increased just 2.6% from a year earlier, with the previous month's estimate revised slightly lower to 2.8%.
Still, companies across America say they're under intense pressure to pay workers more.
In deal news, the lines around healthcare are being redrawn - and all eyes are on pharmacy giant Walgreens to make the next move.
Lastly, in tech news:
- This year could see a bull market for tech IPOs - but don't expect to see a lot of big names go public
- The CEO of $4.3 billion Okta explains why he wishes he had gone public sooner - and all of the surprising perks of life after an IPO
- IBM told investors that it has over 400 blockchain clients - including Walmart, Visa, and Nestlé
- $9 billion Stripe just bought a payments startup backed by Eric Schmidt as it goes after even larger customers