Category:Former Goldman Sachs Employees
Three United States Treasury Secretaries in this category came out of Goldman Sachs, and one went the other way, joining the firm as a partner after leaving the department. Goldman Sachs is a New York investment bank whose partnership has functioned as a recruiting pool for finance ministries and central banks on both sides of the Atlantic. The membership divides cleanly into three groups: the people who ran the firm, the people who left it for government, and the people who left it to run money of their own.
Background
The firm's internal geography recurs across these biographies and is worth knowing when reading the roster. The commodities business, built partly on the acquisition of J. Aron & Co., produced Lloyd Blankfein, who joined J. Aron in 1982 as a precious metals salesman, and Harvey Schwartz, who started in the same division. The fixed income, currency and commodities division produced Gary Cohn. The high-yield and distressed debt desk of the late 1980s leveraged buyout era produced David Tepper. The quantitative research group inside asset management was established with Cliff Asness. Investment banking in Europe produced Peter Weinberg, whose grandfather Sidney Weinberg had led the firm as senior partner from 1930 until his death in 1969.
The people who ran the firm
Robert Rubin joined in 1966, spent twenty-six years there, sat on the board and served as co-chairman from 1990 to 1992. Jon Corzine rose from a rural Illinois upbringing to chairman and co-chief executive. Henry Paulson joined in 1974 after working in the Nixon White House and became chairman and chief executive in 1999. Blankfein followed him and led the firm from 2006 to 2018, through the 2008 financial crisis and the federal bailout that came with it. David Solomon is the current chairman and chief executive, with John Waldron as president and chief operating officer. Cohn held that same role from 2006, and Schwartz became chief financial officer in 2012 and later president and co-chief operating officer.
Treasury, the central banks and elected office
Rubin became the 70th Secretary of the Treasury, Paulson the 74th, and Steven Mnuchin followed them after seventeen years at the firm, where he rose to chief information officer before leaving in 2002. Henry H. Fowler ran the pattern backwards, becoming a Goldman partner after his own service as Treasury Secretary. Cohn went from the presidency of the firm to directing the National Economic Council.
Central banking absorbed several more. Mario Draghi worked at Goldman Sachs and the World Bank before the Bank of Italy, the European Central Bank and the Italian premiership. Mark Carney spent thirteen years at the firm before running the Bank of Canada and then the Bank of England. Neel Kashkari served at the Treasury through the financial crisis, overseeing the Troubled Asset Relief Program, and has been president of the Federal Reserve Bank of Minneapolis since 2016. Casper von Koskull spent years as a managing director and partner before leading Nordea.
Elected office took the rest. Corzine became a United States senator and then Governor of New Jersey. Phil Murphy spent twenty-three years at the firm, including a period running its Frankfurt office, retired in 2006, and became ambassador to Germany and Governor of New Jersey. Romano Prodi advised the firm internationally before the Italian premiership. Steve Bannon spent roughly two years in mergers and acquisitions after leaving the Navy, and left for the entertainment industry.
The people who left to run money
Tepper joined the high-yield bond desk in 1985, became head trader on it, was passed over for partnership, and left to build his own fund. Asness came from a doctorate at Chicago, became a managing director and director of quantitative research inside asset management, and founded AQR in 1998. Jim Cramer left for a hedge fund and then television. Tom Steyer worked at Morgan Stanley and Goldman Sachs before founding Farallon Capital. Tushar Nair began his career at Goldman leading machine learning and artificial intelligence engineering teams that automated services for the commodities desk, then co-founded Poolit with Dakotah Rice, who had spent a year at the firm before moving to private equity and hedge funds; the two had known each other since their first days there. Amandeep Singh traded at Goldman and Tower Research Capital before founding a quantitative finance company. Paul Graves left for chemicals and then lithium. Shou Zi Chew moved from Goldman to DST Global, Xiaomi and TikTok. Lakshmi Mittal approaches the firm from the other side, having served on its board of directors since 2008.
See also
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