He graduated from Harvard College and Harvard Law School. [39] On April 7, 2009, he recommended guidelines to overhaul executive compensation. While studying at Thomas Jefferson High School, he toiled as a lifeguard to earn some money as well as to keep himself in shape. [32] Smith claimed that employees were promoted for unloading less profitable products on clients, for trading products that maximized Goldman Sachs' profits, not their clients, and trading illiquid, opaque products. Goldman Sachs served as a market maker that dealt with financial products that held subprime mortgages. His role and handling of the crisis was widely praised and criticized by media outlets, making him a public figure. in history in 1975. [32][33], In February 2018, to counter low sales and trading profits, Blankfein instituted new hiring priorities. Lloyd Blankfein married his wife, Laura Jacobs Blankfein, in 1983. Here’s what it said: “Mr. He moved to London towards the end of 1982 to trade in commodities from J. Aron’s bullion sales desk. Luckily for Lloyd Blankfein, the Senate Permanent Subcommittee on Investigations did not attach any charges of willfully misleading the panel against him. He received a hefty bonus which was proportionate to the massive net earnings of Goldman that was about $9.5 billion. [48] Blankfein contributes to mostly Democratic party candidates. [49] He donated $4,600 to Democratic Party candidate Hillary Clinton in 2007, and to the Senate re-election campaigns for the Republicans Rob Portman and Roy Blunt in 2015. Almost immediately after Blankfein assumed the head of the company, the financial crisis of 2007–08 hit the banking industry. Almost immediately after Blankfein assumed the head of the company, the financial crisis of 2007–08 hit the banking industry. [49] On July 18, 2012 after meeting with Barack Obama's chief of staff, Jack Lew, he was asked whether he had any aspiration to go into government like predecessors Hank Paulson and Robert Rubin. [38] His bonus reflected the performance of Goldman Sachs, which reported record net earnings of $9.5 billion. The CEO of Goldman Sachs has since been faithful to his wife and his family. [34], On March 15, 2018, Blankfein issued an internal memo advocating for complete gender parity among its workforce. [20] In 2004, Blankfein was promoted to president and chief operating officer, a position he served in until June 2006. He received a total compensation of US$22.3 million as Goldman’s chairman and CEO in 2016. "[56], On June 1, 2017, Blankfein posted his first ever tweet, despite joining Twitter in 2011. After leading Goldman's currency and commodities divisions from 1994 to 1997 he was named heir apparent despite ranking third in the corporate hierarchy. This is a digitized version of an article from The Times’s print archive, before the start of online publication in 1996. After the Federal Reserve implemented dovish monetary policies and the U.S. Treasury bailed out the company, Blankfein took advantage of low interest rates to undercut competition from other investment banks and established Goldman Sachs as the second largest investment bank in the U.S. as others either went bankrupt or fell to acquisition. In 1982, he became a precious metals salesman at J. Aron & Co., a small commodities trading firm which was acquired by Goldman in 1981. He was paid a base salary of $600,000 with a total compensation package of $54.4 million in 2006 as the highest-paid executive on Wall Street. Though, he is 1.69 m tall, he weighs about 75 kg. Mixing up celebrities and tech with a twist, November 27, 2013 by Melissa Nottingham Leave a Comment. We also share information about your use of our site with our analytics, social media and advertising partners who may combine it with other information that you've provided to them or that they've collected from your use of their services. "[7] Under her wealth tax proposal, Blankfein would have owed more than $30 million per year in taxes on his estimated $1.1 billion wealth. [40] He received US$23 million in salary and bonuses in 2015, which was slightly down from the US$24 million he earned in 2014 from Goldman Sachs. Workers aren't so sure", "Blankfein Says U.S. Will Have to Suffer Through Spike in Viruses", "Billionaire Goldman Sachs exec says it's time to end coronavirus lockdown", "Head of Goldman Sachs Gave $11-Million in Past Decade", "Blankfein Foundation Gave More Than $1.7 Million in 2009", "Laura Jacobs Engaged To Lloyd C. Blankfein", Hey Look, Lloyd Blankfein's Kids Are On Instagram, "Lloyd Blankfein, Goldman Sachs C.E.O., Has Lymphoma", "Goldman's Blankfein: US economy not off rails", Lloyd Blankfein collected news and commentary, "Lloyd Blankfein collected news and commentary", https://en.wikipedia.org/w/index.php?title=Lloyd_Blankfein&oldid=982081566, American chief executives of financial services companies, Chief Executive Officers of Goldman Sachs, Thomas Jefferson High School (Brooklyn) alumni, Articles with short description added by PearBOT 5, Short description is different from Wikidata, Wikipedia articles with WORLDCATID identifiers, Creative Commons Attribution-ShareAlike License, This page was last edited on 6 October 2020, at 02:11. [26] Blankfein testified once more before Congress in April 2010 at a hearing of the Senate Permanent Subcommittee on Investigations. Lloyd C. Blankfein, the chief executive of Goldman Sachs, has gained a daughter-in-law.. Mr. Blankfein’s oldest son, Alexander, 27, was married on Saturday at the Vizcaya Museum and Gardens in Miami, in an outdoor ceremony beneath a huppah and a canopy of trees. [61] His joint charity foundation, the Lloyd and Laura Blankfein Foundation, donated $620,000 to Harvard Law School, $500,000 to the Ethical Culture Fieldston School, $50,000 to Barnard College, $46,500 to the Robin Hood Foundation, and $10,000 to Carnegie Hall in fiscal year 2010. [61] His joint charity foundation, the Lloyd and Laura Blankfein Foundation, donated $620,000 to Harvard Law School, $500,000 to the Ethical Culture Fieldston School, $50,000 to Barnard College, $46,500 to the Robin Hood Foundation, and $10,000 to Carnegie Hall in fiscal year 2010. Goldman was indicted by the subcommittee in 2011 of hoodwinking clients into making complicated mortgage-based investments in 2007. Lloyd Blankfein was appointed the chairman and CEO of Goldman in 2006, making him one of the best paid executives in Wall Street. Lloyd Craig Blankfein (born September 20, 1954) is an American investment banker who has served as senior chairman of Goldman Sachs since 2019, and chairman and chief executive from 2006 until the end of 2018. Nevertheless, it was exactly those feelings that goaded him to persevere and complete the course. [10] Born to a Jewish family, he was raised in the Linden Houses, a housing project in the East New York section of Brooklyn. Unfortunately, his applications to Goldman Sachs, Dean Witter, and Morgan Stanley were turned down. He went on to attend Harvard College where he lived in Winthrop House and graduated with an A.B. Well, we know the rest of that story! Smith's op-ed was criticized by many, particularly because he worked at Goldman for 12 years before deciding to quit because of moral objections. "I have aspirations to be desired," he replied. [31], On March 14, 2012, Greg Smith, a former Goldman executive, wrote a widely circulated op-ed for The New York Times titled "Why I Am Leaving Goldman Sachs", in which he heavily criticized the firm's top leadership and Blankfein in particular for sidelining the interests of the client. #ParisAgreement". [7][8], Lloyd Craig Blankfein was born in The Bronx borough of New York City on September 20, 1954. Personal Life: Affair, Girlfriends, Wife… After receiving his J.D. Necessary cookies are lorem ipsum dolor sit amet. Lunchtime Links: Lloyd Blankfein's wife is seriously off-message by eFinancialCareers UK 04 August 2009 Goldman has come out fighting against the recent affronts to its integrity, arguing that it doesn't front run its clients and advising its staff to tone down their spending habits. In March 2020, he said “extreme measures to flatten the virus ‘curve’” were sensible “for a time” but that they could crush the economy. [9] His father, Seymour Blankfein, was a clerk with the U.S. In 2010, he had to bear witness before the Financial Crisis Inquiry Commission that was constituted solely for reviewing Goldman Sachs’s role as a liquidity provider. [55] The ensuing July 2012 Libor scandal prompted Blankfein to note that the general distrust of the financial world was worsened: "There was this huge hole to dig out of in terms of getting trust back and now it's just that much deeper. [21] On May 30, 2006, U.S. President George W. Bush nominated Paulson to serve as the 74th United States Secretary of the Treasury which prompted Paulson to establish a succession plan. Blankfein has served the Human Rights Campaign as its spokesperson, advocating strongly in support of gay marriages. [28][29] Nevertheless, as a precaution Blankfein hired Reid Weingarten, a high-profile defense lawyer who represented former WorldCom CEO Bernard Ebbers and former Enron accounting officer Richard Causey. He received his B.A. His citation noted that "his bank stuck to its strengths, unashamedly [took] advantage of the low interest rates and diminished competition resulting from the crisis to make big trading profits. [21] On May 30, 2006, U.S. President George W. Bush nominated Paulson to serve as the 74th United States Secretary of the Treasury which prompted Paulson to establish a succession plan. I feel like Huck Finn listening to his own eulogy", "The Gamble That Put David Solomon on Top at Goldman Sachs", "Meet DJ D-Sol: the electronic music artist who might soon lead Goldman Sachs", "Goldman Sachs Ushers In New Era as Solomon Takes CEO Reins", "Goldman CEO Lloyd Blankfein on Internal Review", "NEWSMEAT ▷ Lloyd Blankfein's Federal Campaign Contribution Report", "Goldman CEO Blankfein Said to Meet With Obama Adviser Lew", Goldman Sachs chief Lloyd Blankfein: Sanders candidacy a 'dangerous moment', "Blankfein to Speak Out for Same-Sex Marriage", "Goldman Sach's Blankfein Says Libor Scandal Undermines Trust", "Today's decision is a setback for the environment and for the U.S.'s leadership position in the world. He secured the highest marks in the class of 1971 at Thomas Jefferson, making him eligible to deliver the valedictorian address. Mr. and Mrs. Norman S. Jacobs of New York have made known the engagement of their daughter, Laura Susan Jacobs, to Lloyd Craig Blankfein, son of Mr. and Mrs. Seymour Blankfein … Later he was promoted to the position of vice-chairman, helming the ‘Equities Division’ and the ‘Fixed Income, Currency, and Commodities Division’. Lloyd Craig Blankfein (born September 20, 1954) is an American investment banker who has served as senior chairman of Goldman Sachs since 2019, and chairman and chief executive from 2006 until the end of 2018. in history in 1975. After leading Goldman's currency and commodities divisions from 1994 to 1997 he was named heir apparent despite ranking third in the corporate hierarchy. Blankfein was twice named one of the most influential people in the world by Time magazine and won the Financial Times Person of the Year award in 2009. [37], Blankfein's compensation at Goldman Sachs has been at the center of controversy and interest to financial reporters and the general public. Not bad for a guy who sold hot dogs at Yankee Stadium for cash when he was in school! We have made some progress, but we have significant work to do, and we, as leaders of our firm, are committed to doing this critical work. [28][29] Nevertheless, as a precaution Blankfein hired Reid Weingarten, a high-profile defense lawyer who represented former WorldCom CEO Bernard Ebbers and former Enron accounting officer Richard Causey. Just Sayin, "The World's Most Powerful People: #26 Lloyd Blankfein", "Blankfein Offers Billionaire NBA Owners Advice as Stern Exits", https://www.goldmansachs.com/our-firm/history/moments/1981-jaron.html, https://www.nytimes.com/1981/10/30/business/goldman-sachs-buys-big-commodity-dealer.html, "Former Goldman head Stephen Friedman retires from board", "Lloyd C. Blankfein Chairman and Chief Executive Officer", "Wall Street's Succession Moment Marks End of the Lloyd & Jamie Show", "Choice Banker Quotes: 'Tell Tim Geithner to Get F**ked, "Goldman Sachs boss says sorry over financial crisis", "Agency's '04 Rule Let Banks Pile Up New Debt", "Goldman Sachs CEO Lloyd Blankfein Named Financial Times Person Of The Year", "Financial Crisis Inquiry Commission Day One", "Goldman boss Lloyd Blankfein denies moral obligation towards clients", "Blankfein Hires Lawyer Weingarten for Justice Investigation", "Goldman Sachs Misled Congress After Duping Clients Over CDOs, Levin Says", "Goldman Sachs says Blankfein hires Weingarten: WSJ", "The World's Most Powerful People 2011 – Forbes", "Lloyd Blankfein just confirmed Goldman Sachs' hiring priorities for 2018", "Goldman Says It Aims to Eventually Have a 50% Female Workforce", "Goldman Sachs | Press Releases - Email to Goldman Sachs Employees from Lloyd Blankfein and David Solomon", "Eclipse of the Public Corporation Revisited: Concentrated Equity Ownership Theory", "Goldman Chairman Gets a Bonus of $53.4 Million", "Goldman Chief Proposes Revamping Wall St. Pay", "Goldman awards CEO Blankfein $23 million in pay for 2015", "Wall Street Executives from the Financial Crisis of 2008: Where Are They Now?

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