Goldman Sachs Group Inc. Chief Executive Lloyd Blankfein is expected to step down by December, the New York Times reported on Friday, citing people familiar with the bank’s plan.

Blankfein, 63, one of the longest-serving CEOs on Wall Street, has led what is viewed as the most powerful U.S. investment bank for nearly 12 years. He has outlasted calls for his departure in the aftermath of the 2007-2009 financial crisis and stayed in the job even as he battled cancer.

Blankfein is likely to be replaced by Goldman President David Solomon, the newspaper said.

The Wall Street Journal had reported in March that Blankfein plans to depart by the end of the year.

Goldman was not immediately available for comment.

Goldman Sachs shares (GS) were down 0.6 percent late Friday in New York.