Lloyd Blankfein

Lloyd Blankfein
Born	Lloyd Craig Blankfein 20 9, 1954
Birthplace	New York City, U.S.
Nationality	American
Occupation	Senior Chairman, Goldman Sachs
Known for	Chairman and CEO of Goldman Sachs (2006–2018)
Education	Harvard University (BA, JD)
Children	3
Awards	Financial Times Person of the Year (2009), Time 100 Most Influential People (twice)

Lloyd Craig Blankfein (born September 20, 1954) is an American billionaire investment banker who served as chairman and chief executive officer of Goldman Sachs from 2006 to 2018, and has held the title of senior chairman since 2019. Raised in a working-class family in the public housing projects of Brooklyn, New York, Blankfein attended Harvard University on scholarship for both his undergraduate and law degrees before entering the world of commodities trading at J. Aron & Co., a firm that Goldman Sachs had acquired in 1981. Over the course of more than two decades, he rose through Goldman's commodities, currency, and fixed-income divisions to become president and chief operating officer under CEO Henry Paulson in 2004, and then succeeded Paulson as chief executive in 2006. His tenure at the top of Goldman Sachs was defined in large measure by the 2008 financial crisis, during which the firm accepted a government bailout and Blankfein became one of the most scrutinized figures on Wall Street. He was twice named to Time magazine's list of the 100 most influential people in the world and was named Financial Times Person of the Year in 2009. In 2025, Blankfein authored a memoir titled Streetwise, drawing on his experiences from the Brooklyn housing projects to the executive suite of one of the world's most prominent financial institutions.

Early Life

Lloyd Craig Blankfein was born on September 20, 1954, in New York City. He grew up in a working-class family in the Linden Houses, a public housing project in the East New York neighborhood of Brooklyn. His father worked as a postal clerk, and his mother held various jobs to help support the family. The environment of his upbringing was modest; the family lived in one of New York City's large public housing complexes, and Blankfein later described his background as distinctly blue-collar.

In his memoir Streetwise, Blankfein recounted the contrast between his upbringing and the world he would later enter. He described himself as an "anxiety-ridden" student when he arrived at Harvard, acutely aware of the socioeconomic differences between himself and many of his classmates. He has spoken publicly about feeling like an outsider at an elite institution, a theme he has returned to throughout his career when discussing the value of education and social mobility.

Blankfein attended Thomas Jefferson High School in Brooklyn before earning admission to Harvard University. His path from public housing in Brooklyn to the Ivy League was made possible in part by scholarship support, and he later cited the experience as foundational in shaping both his intellectual outlook and his professional ambitions.

Education

Blankfein attended Harvard University, where he earned a Bachelor of Arts degree. He continued at Harvard Law School, obtaining a Juris Doctor (JD). After completing law school, he entered private legal practice for a brief period before shifting to a career in finance. In interviews and public remarks, Blankfein has consistently emphasized the value of a college education. In 2026, he publicly disagreed with technology investor Peter Thiel's view that a college degree is unnecessary, stating that attending college makes a person "a complete person" and calling the experience one of the most worthwhile investments a young person can make. He has also noted that during his time running Goldman Sachs, the firm recruited heavily from elite universities, but that top graduates from institutions such as the University of Minnesota could be "as good, maybe better" than those from Harvard.

Career

Early Career at J. Aron and Goldman Sachs

After a short stint in private law practice following his graduation from Harvard Law School, Blankfein pivoted to a career in finance. In 1982, he joined J. Aron & Co. as a precious metals salesman. J. Aron was a small commodities trading firm that Goldman Sachs had acquired in 1981, and Blankfein's entry into the firm placed him within Goldman's expanding commodities operation. The commodities business was at that time considered a less prestigious division within Goldman Sachs, but Blankfein demonstrated an aptitude for trading and rose rapidly through the ranks.

From 1994 to 1997, Blankfein led Goldman Sachs's currency and commodities divisions, building a reputation as an effective manager and revenue generator. His success in these roles led to his being identified as a potential successor to senior leadership. The commodities and trading divisions he oversaw grew significantly during this period, contributing substantially to the firm's overall profits and raising Blankfein's profile within the organization.

President and Chief Operating Officer

In 2004, Blankfein was appointed president and chief operating officer (COO) of Goldman Sachs, serving under then-CEO Henry Paulson. This appointment positioned him as the heir apparent to the top job at the firm. Paulson, who would go on to serve as United States Secretary of the Treasury under President George W. Bush, departed Goldman Sachs in 2006, and Blankfein succeeded him as chairman and CEO.

Chairman and CEO of Goldman Sachs

Blankfein assumed the role of chairman and chief executive officer of Goldman Sachs in 2006. His ascent to the top of one of the world's most prominent investment banks came at a time when the financial industry was at the height of a period of rapid growth fueled by complex financial instruments, particularly in the mortgage and credit markets.

The 2008 Financial Crisis

Almost immediately after Blankfein took the helm, the global financial system entered a period of severe distress. The 2008 financial crisis affected virtually every major financial institution, and Goldman Sachs was not immune. As the crisis deepened, several of Goldman's competitors either collapsed or were forced into mergers: Bear Stearns was sold to JPMorgan Chase, Lehman Brothers declared bankruptcy, and Merrill Lynch was acquired by Bank of America.

Goldman Sachs, under Blankfein's leadership, converted from an investment bank to a bank holding company in September 2008, a move that gave it access to Federal Reserve lending facilities and other government support mechanisms. The firm received $10 billion from the Troubled Asset Relief Program (TARP), the U.S. Treasury's emergency bailout fund. Blankfein's handling of the crisis drew both praise and criticism. Supporters credited him with navigating Goldman through the worst of the turmoil with fewer losses than many competitors; critics argued that the firm's reliance on government support and its role in the events leading up to the crisis raised serious ethical and regulatory questions.

After the Federal Reserve implemented accommodative monetary policies and Goldman repaid its TARP funds, Blankfein took advantage of low interest rates to expand the firm's operations and undercut competition from other investment banks. Under his leadership, Goldman Sachs emerged from the crisis as the second largest investment bank in the United States, as several of its former rivals had either gone bankrupt, merged with other firms, or significantly contracted their operations.

Blankfein's public statements during this period attracted significant media attention. In a 2009 interview, he described Goldman Sachs's activities as "doing God's work," a remark that was widely quoted and generated considerable controversy. The comment was interpreted by many as tone-deaf given the scale of the financial crisis and the public anger directed at Wall Street.

Government Investigations and Scrutiny

Goldman Sachs faced multiple government investigations during Blankfein's tenure. In 2011, it was reported that Blankfein had hired prominent defense attorney Reid Weingarten in connection with a U.S. Department of Justice investigation into Goldman's activities before and during the financial crisis. The investigations focused on whether Goldman had misled investors about mortgage-backed securities it had sold in the run-up to the crisis.

In 2012, Blankfein addressed the Libor scandal, in which several major banks were found to have manipulated the London Interbank Offered Rate. He stated publicly that the scandal "undermines trust" in the financial system. That same year, Blankfein met with Obama administration adviser Jack Lew.

Internal Culture and the Greg Smith Departure

In March 2012, Goldman Sachs executive Greg Smith published an opinion piece in The New York Times titled "Why I Am Leaving Goldman Sachs," in which he accused the firm's leadership of fostering a toxic culture that prioritized profits over clients' interests. Smith's public resignation letter named the firm's leadership, including Blankfein, and attracted international media attention. The episode became one of the most discussed events in the firm's recent history and prompted public debate about the culture of Wall Street firms more broadly.

Later Tenure and Compensation

Blankfein continued to lead Goldman Sachs through the post-crisis period of regulatory reform, including the implementation of the Dodd–Frank Wall Street Reform and Consumer Protection Act. Under his leadership, the firm adapted to new capital requirements and restrictions on proprietary trading.

Blankfein's compensation was a frequent subject of public discussion. His salary at Goldman Sachs in 2018, his final full year as CEO, was estimated to be approximately $24 million.

Retirement and Senior Chairmanship

Blankfein stepped down as CEO of Goldman Sachs at the end of 2018, succeeded by David Solomon. He assumed the title of senior chairman in 2019, a role he has continued to hold. In a 2026 interview with The Wall Street Journal, Blankfein acknowledged that he misses the role of CEO, particularly during periods of market turbulence. "When there's a market crisis," he said, the desire to be in charge resurfaces.

Since leaving the CEO role, Blankfein has remained a public commentator on financial markets, economic policy, and education. He has been active on social media, offering opinions on a range of topics including trade policy, interest rates, and the value of higher education.

Memoir: Streetwise

In 2026, Blankfein published a memoir titled Streetwise, in which he recounted his life from his upbringing in the Brooklyn public housing projects through his career at Goldman Sachs. The book describes his experiences as a working-class student at Harvard, his transition from law to finance, and his years leading one of Wall Street's most prominent firms. In an excerpt published by Vanity Fair, Blankfein wrote about feeling out of place at Harvard and the anxiety of navigating an elite social milieu that was unfamiliar to him. The Wall Street Journal reported that Blankfein began writing the memoir soon after retiring as CEO, starting with his upbringing before moving on to his professional career. The book also reportedly addressed aspects of his personal management style, including what he characterized as a tendency to be overly dominant in meetings.

Personal Life

Blankfein has three children. He has been a registered Democrat and has made political donations to Democratic candidates and causes over the course of his career.

In September 2015, Blankfein disclosed that he had been diagnosed with lymphoma, a form of cancer. He stated publicly that the cancer was "highly curable" and that he intended to continue working through treatment. He underwent chemotherapy and later announced that he had recovered from the disease. In a 2016 video interview with Fortune, Blankfein discussed his experience beating cancer.

In 2012, Blankfein became one of the most prominent business leaders to publicly advocate for same-sex marriage. He appeared in a campaign by the Human Rights Campaign and spoke publicly in favor of marriage equality.

Blankfein has been involved in philanthropic and institutional governance activities. He has served on the board of overseers of Weill Cornell Medicine.

According to Bloomberg News, Blankfein's net worth was estimated to be approximately $1.1 billion as of July 2015.

Recognition

Blankfein's leadership of Goldman Sachs during and after the 2008 financial crisis brought him significant public attention and multiple accolades. He was twice named to Time magazine's annual list of the 100 most influential people in the world, recognizing his role in shaping the global financial landscape during a period of extraordinary upheaval.

In 2009, the Financial Times named Blankfein its Person of the Year, citing his role in navigating Goldman Sachs through the financial crisis at a time when several competing firms had either failed or been absorbed by rivals.

Blankfein has been a frequent subject of media coverage throughout his career. The New York Times has maintained a dedicated topic page on his career and public activities. The Guardian has similarly maintained ongoing coverage of his activities and public statements. The International Business Times has tracked his career and public remarks as a prominent figure in global finance.

His public profile has remained prominent following his retirement from the CEO role. The publication of his memoir Streetwise in 2026 generated coverage in major outlets including Vanity Fair, The Wall Street Journal, Fortune, Yahoo Finance, and the Times of India, among others.

Legacy

Blankfein's career at Goldman Sachs spanned more than three decades, and his leadership during the 2008 financial crisis remains one of the most debated chapters in the recent history of American finance. Under his direction, Goldman Sachs survived a period that destroyed or fundamentally altered many of its competitors, emerging as one of the two largest investment banks in the United States. The firm's conversion to a bank holding company, its acceptance and subsequent repayment of TARP funds, and its profitable trading during the crisis years all occurred under his watch.

His trajectory from the public housing projects of Brooklyn to the pinnacle of Wall Street has been cited as an example of social mobility in the American financial industry. Blankfein himself has emphasized this narrative, both in his public remarks about the value of education and in his memoir. His advocacy for the importance of a college degree, even as some prominent technology investors have questioned the necessity of traditional higher education, has positioned him as a public voice for conventional educational pathways.

At the same time, Blankfein's tenure was marked by controversy. Goldman Sachs faced multiple government investigations, significant public anger over executive compensation during a period of widespread economic hardship, and high-profile departures such as that of Greg Smith. The firm's role in the events leading up to the financial crisis, including its activities in the mortgage-backed securities market, remained a subject of debate and investigation throughout Blankfein's time as CEO.

His public advocacy for same-sex marriage in 2012 made him one of the first major Wall Street executives to take a public stand on the issue, at a time when corporate support for marriage equality was less common than it would later become.

Blankfein's memoir, Streetwise, published in 2026, represents his effort to provide a personal account of his career and the events that defined his time at the top of Goldman Sachs. The book's reception and the continued media interest in Blankfein's views on finance, education, and public policy indicate the lasting significance of his role in American financial history.