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Goldman defuses Blankfein revolt

Goldman Sachs will nominate a lead independent director to act as a counterweight to the boardroom power of Lloyd Blankfein and to head off a potential shareholder revolt at the bank's annual meeting.

Directors fretted that ashareholder proposal to split Mr Blankfein's dual role as chairman and chief executive could gain momentum in the wake of controversies over the bank's ethics and corporate governance. Mr Blankfein has held his powerful dual role since 2006.