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Bloomberg Exit Options & Goldman’s Moment of Truth

News and notes on the most pressing questions around Wall Street: Goldman’s endless media headache, an M&A shotgun wedding, and succession planning inside 731.

It’s likely that Mike will still be the one making all the big decisions, for as long as he wants to make them. But the question remains: What is to be done with Bloomberg LP?
It’s likely that Mike will still be the one making all the big decisions, for as long as he wants to make them. But the question remains: What is to be done with Bloomberg LP? Photo: Chesnot/Getty Images
William D. Cohan
August 23, 2023

What will become of Bloomberg LP, one of the most successful and valuable private companies in history, without its eponymous founder as its C.E.O.? Well, as the internal memorandum from Mike Bloomberg made clear, he’s “not going anywhere.” And it’s not the first time that Bloomberg has stepped aside, as he did during his 12 years as New York City’s mayor, when Dan Doctoroff took a turn at the wheel. This is likely just recognition that, at 81, he’s not as young as he used to be, a point that his fellow billionaire Steve Schwarzman made on CNBC the other day when talking about Joe Biden.