Early Life and Education
Lloyd Craig Blankfein was born in the Bronx, New York City, on September 20, 1954. He grew up in the Linden Houses, a public housing project in the East New York section of Brooklyn. His father was a clerk with the U.S. Postal Service, and his mother was a receptionist. Blankfein attended Harvard University, where he earned a Bachelor of Arts degree in history in 1975 and a Juris Doctor degree from Harvard Law School in 1978. He graduated as the valedictorian of his high school class.
Rise to Success
Blankfein began his career as a corporate tax lawyer. In 1982, he joined J. Aron & Co., a commodities trading firm that was later acquired by Goldman Sachs. He became a partner at Goldman Sachs in 1988. From 1994 to 1997, he managed the currency and commodities divisions. He was named president and chief operating officer in 2004. Blankfein took over as Chairman and CEO of Goldman Sachs in July 2006, succeeding Henry Paulson.
Key Business Strategies
Blankfein's leadership at Goldman Sachs coincided with the 2008 financial crisis. He played a pivotal role in navigating the crisis, including securing a $10 billion investment from Warren Buffett and transforming Goldman into a bank holding company, which allowed the firm to receive government assistance. During his tenure as CEO, he oversaw initiatives like 10,000 Women and 10,000 Small Businesses, which focused on creating economic opportunities. He also oversaw the launch of Marcus, a digital banking service.
Philanthropy
Blankfein and his wife, Laura, have been active in philanthropy, establishing the Lloyd and Laura Blankfein Foundation in 1989. Their foundation has supported various causes, including education, medical research, and Jewish organizations. From 2000 to 2009, Blankfein personally donated $11 million to charitable organizations.