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Lloyd Blankfein
Lloyd Craig Blankfein (born 20 September 1954) is an American billionaire investment banker who has served as senior chairman of Goldman Sachs since 2019, and chairman and chief executive officer (CEO) from 2006 until the end of 2018. Before leading Goldman Sachs as CEO, he was the company's president and chief operating officer (COO) from 2004 to 2006, serving under then-CEO Henry Paulson.
Born and raised in New York City, Blankfein attended Harvard University for his undergraduate and law school studies before briefly entering private law practice. In 1982, he became a precious metals salesman at J. Aron & Co., a small commodities trading firm which was acquired by Goldman in 1981. After leading Goldman's currency and commodities divisions from 1994 to 1997 he was named heir apparent. He served as the president and chief operating officer from 2004 to his ascension to chief executive.
Almost immediately after Blankfein assumed the head of the company, the 2008 financial crisis affected the banking industry. His role in handling the crisis was widely praised and criticized by media outlets, making him a public figure.
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.
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. According to Bloomberg News, his net worth is estimated to be US$1.1 billion as of July 2015. His salary at Goldman Sachs in 2018 was estimated to be $24 million.
Lloyd Craig Blankfein was born in the Bronx borough of New York City to a low-income Jewish family on September 20, 1954. His father, Seymour Blankfein, was a clerk with the U.S. Postal Service branch in Manhattan and his mother was a receptionist. He was raised in the Linden Houses, a housing project in the East New York section of Brooklyn. He received primary and secondary education in New York City's public schools graduating valedictorian at Thomas Jefferson High School in 1971. He went on to attend Harvard College where he lived in Winthrop House and graduated with a B.A. in history in 1975. After graduating college, he attended Harvard Law School where he received a J.D. degree in 1978.
Blankfein first worked for the law firms Proskauer Rose and then Donovan, Leisure, Newton & Irvine. In 1982, he joined the commodities trading firm J. Aron & Co. as a precious metals salesman in its London office, after J. Aron was acquired by the investment bank, Goldman Sachs.
Blankfein joined J. Aron & Co. in 1982, after it had been acquired by Goldman Sachs in 1981. When then chairman Stephen Friedman appointed Henry Paulson as his successor, Blankfein was soon tasked with managing or co-managing the company's currency and commodities divisions from 1994 to 1997. After Paulson consolidated control of Goldman, he identified Blankfein as his heir apparent, despite Blankfein ranking third in the corporate hierarchy behind two co-presidents. In 2004, Blankfein was promoted to president and chief operating officer, a position he served in until June 2006. As president, he oversaw the 2000s commodities boom and positioned Goldman to take advantage of rising commodity prices. 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. Shortly after Paulson was sworn in, Blankfein was asked to serve as chairman and chief executive officer in July 2006.
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Lloyd Blankfein
Lloyd Craig Blankfein (born 20 September 1954) is an American billionaire investment banker who has served as senior chairman of Goldman Sachs since 2019, and chairman and chief executive officer (CEO) from 2006 until the end of 2018. Before leading Goldman Sachs as CEO, he was the company's president and chief operating officer (COO) from 2004 to 2006, serving under then-CEO Henry Paulson.
Born and raised in New York City, Blankfein attended Harvard University for his undergraduate and law school studies before briefly entering private law practice. In 1982, he became a precious metals salesman at J. Aron & Co., a small commodities trading firm which was acquired by Goldman in 1981. After leading Goldman's currency and commodities divisions from 1994 to 1997 he was named heir apparent. He served as the president and chief operating officer from 2004 to his ascension to chief executive.
Almost immediately after Blankfein assumed the head of the company, the 2008 financial crisis affected the banking industry. His role in handling the crisis was widely praised and criticized by media outlets, making him a public figure.
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.
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. According to Bloomberg News, his net worth is estimated to be US$1.1 billion as of July 2015. His salary at Goldman Sachs in 2018 was estimated to be $24 million.
Lloyd Craig Blankfein was born in the Bronx borough of New York City to a low-income Jewish family on September 20, 1954. His father, Seymour Blankfein, was a clerk with the U.S. Postal Service branch in Manhattan and his mother was a receptionist. He was raised in the Linden Houses, a housing project in the East New York section of Brooklyn. He received primary and secondary education in New York City's public schools graduating valedictorian at Thomas Jefferson High School in 1971. He went on to attend Harvard College where he lived in Winthrop House and graduated with a B.A. in history in 1975. After graduating college, he attended Harvard Law School where he received a J.D. degree in 1978.
Blankfein first worked for the law firms Proskauer Rose and then Donovan, Leisure, Newton & Irvine. In 1982, he joined the commodities trading firm J. Aron & Co. as a precious metals salesman in its London office, after J. Aron was acquired by the investment bank, Goldman Sachs.
Blankfein joined J. Aron & Co. in 1982, after it had been acquired by Goldman Sachs in 1981. When then chairman Stephen Friedman appointed Henry Paulson as his successor, Blankfein was soon tasked with managing or co-managing the company's currency and commodities divisions from 1994 to 1997. After Paulson consolidated control of Goldman, he identified Blankfein as his heir apparent, despite Blankfein ranking third in the corporate hierarchy behind two co-presidents. In 2004, Blankfein was promoted to president and chief operating officer, a position he served in until June 2006. As president, he oversaw the 2000s commodities boom and positioned Goldman to take advantage of rising commodity prices. 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. Shortly after Paulson was sworn in, Blankfein was asked to serve as chairman and chief executive officer in July 2006.