The race to succeed Lloyd Blankfein as chief executive of Goldman Sachs will determine the future strategy of the US banking giant and renew an age-old battle between traders and investment bankers.

The surprise news late on Friday that Blankfein will soon leave his post after more than 12 years at the helm has reignited the tussle between the two divisions and triggered concerns that the 63-year-old’s departure will prompt a move away from the bank’s steadfast commitment to fixed income, which has been blighted by falling revenues.