We've long suggested that Goldman Sachs CEO Lloyd Blankfein would not step down until he could do so without appearing to be pressured, either by the board or regulators. Blankfein would also like to the set the bank up for the industry's next era and put his stamp Goldman Sachs going forward.

While he has long maintained that the decline in revenue across the industry is not secular in nature, he seems to have decided that some big changes to the business model are in order. FOX Business reports that he is mulling some shifts that would emphasize Goldman Sachs Asset Management and the investment banking side of the house, perhaps to the detriment of the trading side. This only makes sense, as the outsized trading margins that the industry feasted on until the bubble burst will not soon return in the Volcker Amendment era.

In order to expand in asset management, which offers steadier more predictable returns, it's unclear what the firm will do. Will it buy another firm? Will it seek a more developed retail presence, in the manner of a Morgan Stanley Smith Barney? The bank also wants to return to its roots a classic investment bank, aiming for more classic underwriting mandates and deal advisory work. As Blankfein ponders the future, it will be interesting to see who emerges as the next CEO. A traditional banker might be the best bet for the future.

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