NEW YORK, June 2: Wall Street investment bank Goldman Sachs on Friday said its board intends to elect Lloyd Blankfein as chairman and chief executive to replace Henry Paulson, who has been nominated to serve as US treasury secretary.

Blankfein, 51, who has been president and chief operating officer of the big investment group, would take over upon Paulson’s confirmation by the Senate.

Paulson’s nomination to replace John Snow as the top economic official in President George W. Bush’s administration was announced on Tuesday.—AFP