Lloyd Blankfein
Born 1954 · Age 71
American investment banker; CEO and Chairman of Goldman Sachs (2006–2018), Senior Chairman since 2019; notable for leadership during the 2008 financial crisis.
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Life & Career Timeline
Born in the Bronx, New York
Lloyd Craig Blankfein born to a low-income Jewish family in the Bronx; father a USPS clerk, mother a receptionist.
Graduated valedictorian, Thomas Jefferson High School
Graduated as valedictorian from Thomas Jefferson High School (Brooklyn).
Graduated Harvard College (A.B., History)
Earned an A.B. in history from Harvard College; lived in Winthrop House.
Graduated Harvard Law School (J.D.)
Received a J.D. from Harvard Law School and entered private law practice.
Joined Proskauer Rose (first law job)
Worked at law firm Proskauer Rose soon after law school (first legal employment noted).
Worked at Donovan, Leisure, Newton & Irvine
Moved to work at Donovan, Leisure, Newton & Irvine (followed Proskauer Rose). Exact year not specified in sources; placed here as immediate post-Proskauer role.
Goldman Sachs acquires J. Aron & Co.
J. Aron & Co., a commodities trading firm, was acquired by Goldman Sachs (context for Blankfein's later move).
Joined J. Aron & Co. as precious-metals salesman
Joined J. Aron & Co. in London as a precious metals salesman; J. Aron was by then a Goldman subsidiary.
Made partner at Goldman Sachs
Became a partner at Goldman Sachs (reported by Encyclopaedia Britannica).
Named to manage/co-manage currency & commodities
Took on leadership of Goldman's currency and commodities divisions (1994–1997).
Concluded initial co-management of currency & commodities
Ended the 1994–1997 period of managing Goldman's currency and commodities divisions.
Oversaw expansion during commodities boom (early 2000s)
As a senior executive, Blankfein positioned Goldman to benefit from the 2000s commodities boom; oversight continued into his presidency.
Personal philanthropy: $11M donated (2000–2009)
From 2000 to 2009 Blankfein personally donated $11 million (about 4.58% of his total compensation over that period).
Became head of sales & trading / vice chairman (by 2002)
By 2002 he was head of all sales and trading; sources indicate he served as vice chairman around this period.
Promoted to President and Chief Operating Officer (COO)
Elevated to President and COO of Goldman Sachs; served in this role until June 2006 under CEO Henry Paulson.
Compensation: Total package of $54.4M
Earned a total compensation package of $54.4 million in 2006 (base salary $600,000; cash bonus $27.3M; rest in stock/options).
Henry Paulson nominated to be U.S. Treasury Secretary
President George W. Bush nominated Henry Paulson to serve as Secretary of the Treasury, triggering a Goldman succession plan.
Named Chairman and Chief Executive Officer of Goldman Sachs
After Paulson joined the U.S. Treasury, Blankfein was asked to serve as chairman and CEO of Goldman Sachs (July 2006).
Political donation: $4,600 to Hillary Clinton
Donated $4,600 to Democratic candidate Hillary Clinton in 2007 (Federal campaign contribution record).
Compensation: Total package of $53.9M
Received total compensation of $53.9 million in 2007 (base $600,000; cash bonus $26.9M; stocks $15.5M; options $10.4M).
2008 Financial crisis impacts Goldman Sachs
Global financial crisis affected the firm; Fed lowered rates and Treasury increased support for banks; Goldman's status and strategy changed.
Warren Buffett / Berkshire investment in Goldman (reported)
Berkshire Hathaway invested $5 billion in Goldman Sachs during the crisis (commonly reported Sept 2008).
Converted Goldman Sachs into a bank holding company
During the crisis Goldman converted to a bank holding company (gaining Federal Reserve oversight and access to Fed credit).
Financial Times Person of the Year
Named Financial Times Person of the Year 2009 for his role during and after the financial crisis.
Named 'Most Outrageous CEO' by Forbes (reported in Britannica)
Forbes named Blankfein Most Outrageous CEO of 2009 (reflecting controversy over remarks and pay during downturn).
Proposed guidelines to overhaul executive compensation
Recommended guidelines to reform how banks and executives are compensated in the aftermath of the crisis.
Lloyd & Laura Blankfein Foundation gifts (fiscal 2010)
Foundation donated $620,000 to Harvard Law School, $500,000 to Ethical Culture Fieldston School, $50,000 to Barnard, $46,500 to Robin Hood Foundation, and $10,000 to Carnegie Hall in fiscal 2010.
Service on civic & educational boards
Serves on Partnership for New York City board of directors and on the board of overseers for Weill Cornell Medical College (dates as reported).
Testified before the Financial Crisis Inquiry Commission
Voluntarily testified that Goldman Sachs' role was primarily that of a market maker, not originator of subprime products.
SEC sued Goldman Sachs (Abacus)
U.S. Securities and Exchange Commission sued Goldman Sachs alleging misleading marketing of the Abacus product tied to subprime mortgages.
Testified before the U.S. Senate Permanent Subcommittee on Investigations
Testified that Goldman Sachs had no fiduciary duty to disclose that it was betting against certain products it sold to clients.
SEC settlement: Goldman pays $550M
Goldman settled with the SEC by agreeing to pay a record $550 million in penalties and to reform business practices.
Hired defense lawyer Reid Weingarten
Hired high-profile defense attorney Reid Weingarten amid government scrutiny and investigations.
Listed #43 on Forbes' World's Most Powerful People
After increased public profile, was listed #43 on Forbes' List of The World's Most Powerful People.
Greg Smith's NYT op-ed 'Why I Am Leaving Goldman Sachs'
Former Goldman executive Greg Smith published a critical op-ed focused on Goldman leadership and culture; brought public criticism to Blankfein.
Spoke publicly in support of same-sex marriage
Declared support for gay marriage and served as a spokesman for the Human Rights Campaign.
Commented on Libor scandal fallout
In wake of the 2012 Libor scandal, Blankfein noted the erosion of public trust in the financial industry.
Compensation reported at approximately $24M
Reported to have earned about $24 million in compensation from Goldman Sachs in 2014.
Political donations to Rob Portman and Roy Blunt
Reported donations to Republican senators Rob Portman and Roy Blunt (2015). Amounts not specified in source text.
Compensation for 2015 reported at $23M
Reported compensation (salary + bonus) from Goldman Sachs for 2015 totaled about $23 million.
Estimated net worth reaches US$1.1 billion (Bloomberg)
Bloomberg reported an estimated net worth of approximately $1.1 billion (July 2015).
Diagnosed with lymphoma
Announced diagnosis with a form of lymphoma and began treatment (publicly reported Sept 22, 2015).
Endorsed Hillary Clinton in 2016 election
Publicly endorsed Democratic candidate Hillary Clinton during the 2016 U.S. presidential election.
Reported in remission from lymphoma
After multiple rounds of chemotherapy, Blankfein was reported to be in remission by October 2016.
Estimated compensation reported ~ $22.3M
Financial Times estimated Blankfein's earnings for 2016 at about $22.3 million.
Public comments about 2016 political climate
Criticized Bernie Sanders' campaign rhetoric as potentially 'a dangerous moment' (Jan–Feb 2016); later endorsed Hillary Clinton.
First ever tweet: condemned U.S. withdrawal from Paris Agreement
On June 1, 2017, Blankfein tweeted criticism of President Trump's withdrawal from the Paris climate accord.
Instituted new hiring priorities at Goldman Sachs
Directed HR to prioritize hiring 'strats' — quantitatively and technologically proficient candidates — to counter low sales/trading profits.
WSJ reports Blankfein will step down as CEO by year-end
Wall Street Journal reported Blankfein planned to leave the CEO role by the end of 2018; Blankfein tweeted that the report was the WSJ's announcement, not his.
Harvey Schwartz resigns; David Solomon named second-in-command
Goldman announced co-COO and president Harvey Schwartz would resign, elevating David Solomon as Blankfein's likely successor.
Internal memo: aim for 50% female workforce / gender parity
Sent an internal memo advocating for gender parity, stating pay for similar roles is equal but representation is lacking.
David Solomon announced as incoming CEO (effective Oct 1, 2018)
Goldman announced in July 2018 that David Solomon would assume the CEO role on Oct 1, 2018 and become chairman by the end of 2018.
David Solomon becomes CEO; Blankfein steps down as CEO
David Solomon took over as CEO on Oct 1, 2018; Blankfein remained as chairman until the end of 2018.
Concluded tenure as Chairman of Goldman Sachs
Stepped down as chairman by the end of 2018 as David Solomon assumed the chairmanship.
Public comment opposing wealth tax proposals
Criticized Elizabeth Warren's wealth tax proposal and opposed a wealth tax on billionaires; noted personal implications given his ~ $1.1B wealth estimate.
Became Senior Chairman of Goldman Sachs
Transitioned to the role of Senior Chairman of Goldman Sachs (position held from 2019 onward).
Public commentary during COVID-19: advocated loosening lockdowns
Argued that broad lockdowns could 'crush the economy' and advocated for earlier return-to-work for lower-risk groups; became a visible voice in 'reopen' conversations.
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