How Lloyd Blankfein Got Goldman’s Groove Back

CEO on surviving financial crisis, cancer and rebuilding the brand.

July 19, 2017 2:52 pm
How Lloyd Blankfein Got Goldman's Groove Back
Lloyd Blankfein, chairman and chief executive officer of Goldman Sachs Group Inc., reacts during a Bloomberg Television interview at the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 19, 2017. World leaders, influential executives, bankers and policy makers attend the 47th annual meeting of the World Economic Forum in Davos from Jan. 17–20. (Simon Dawson/Bloomberg via Getty Images)

Goldman Sachs’ CEO Lloyd Blankfein has been through a lot in the last decade.

First, there was the blowback from the 2008 financial crisis, which many criticized his bank for helping fuel. Then, there was his public battle with cancer. And recently, there was his first tweet heard ’round the world, which scorned President Trump for pulling out of the Paris Agreement—which likely stung his former deputy Gary Cohn, who holds a prominent position the Trump administration—and the fresh blowback that ensued.

But ever since beating cancer, Blankfein seems to have gotten his groove back, according to Bloomberg Businessweek. First, there was the spate of new initiatives, such as the creation of a consumer bank and “heightened focus on lending and more resources for asset management.” But he has also returned to his bread-and-butter: making “a commitment to trading and risk-taking out of favor across much of Wall Street.” And also worked on rebuilding the brand that was marred by the financial crisis.

That has translated into a rejuvenated interest in young talent wanting to work for the bank; per Businessweek, Goldman saw a 40 percent uptick in applications since 2012, among undergrads and MBA candidates.

And Blankfein hasn’t stopped there. He’s building up the investment-management division, purchased a deposit-taking platform, and is lending more.

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