November 30, 2023


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Goldman CEO and predecessor Blankfein talk careers as analysts compete

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Goldman CEO and predecessor Blankfein talk careers as analysts compete

NEW YORK, Nov 14 (Reuters) – Goldman Sachs (GS.N) Chief Executive Officer David Solomon and his predecessor gave career advice to about 4,000 analysts as junior bankers pitched for grants to be given to charity on Tuesday.

Solomon interviewed former CEO Lloyd Blankfein, who handed over the reins in 2018, for an audience of junior employees and senior partners that drew laughter and smiles in the auditorium at its New York headquarters.

The current CEO invoked Winston Churchill’s philosophy on giving. The former CEO said studying history helped him to better understand economic ebbs and flows.

“There are cycles to everything – we’re in a cycle now,” Blankfein said. “So all of you people feel underused now, get a good night’s sleep, because next year you’re going to be working double time,” he said.

Dan Dees, the bank’s co-head of global banking and markets, jotted down notes as the analysts presented. Blankfein announced the winner.

Goldman partners awarded the $250,000 first-place prize to TalkingPoints, an education nonprofit, after a successful pitch from four analysts from its London office.

Solomon and Blankfein addressed the junior employees a day after they attended a dinner for retired partners in New York.

The CEO and senior executives have met with small groups of partners to discuss the company’s strategy to refocus on the powerhouse global banking and markets division, while growing in asset management, partly to allay concerns about compensation.

In September, Solomon pushed back against a series of press articles citing critics – including current and former employees – who questioned his leadership and strategy.

He told CNBC in an interview at the time it was “not fun” to face personal attacks, and said he did not recognize the caricature that was painted of him in the press.

Reporting by Saeed Azhar and Lananh Nguyen in New York
Editing by Matthew Lewis

Our Standards: The Thomson Reuters Trust Principles.

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Lananh Nguyen is the U.S. finance editor at Reuters in New York, leading coverage of U.S. banks. She joined Reuters in 2022 after reporting on Wall Street at The New York Times. Lananh spent more than a decade at Bloomberg News in New York and London, where she wrote extensively about banking and financial markets, and she previously worked at Dow Jones Newswires/The Wall Street Journal. Lananh holds a B.A. in political science from Tufts University and an M.Sc. in finance and economic policy from the University of London.

Saeed Azhar is a Reuters financial journalist and part of the U.S. banking team, which covers Wall Street’s biggest banks. He focuses on Goldman Sachs and Bank of America, and also writes about regional banks. Before moving to New York in July 2022, he led the finance team in the Middle East from Dubai, and also worked in Singapore, covering Southeast Asia finance.
Contact: +1-3479086341


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