Lloyd Blankfein Expresses Inability to Envision Returning to Goldman Sachs
Lloyd Blankfein, the former CEO of Goldman Sachs, has refuted a recent news report suggesting his potential return to the firm. He denied claims made in a New York Times article that he offered to come back in some capacity, stating that the article “misquoted” him. Speaking with CNBC, Blankfein clarified that his conversation with his successor, David Solomon, revolved around offering assistance rather than a formal return. He emphasized that he did not use the word “return.” The New York Times had reported that Blankfein expressed impatience with the firm’s progress in a June phone call with Solomon and indicated he could assist their efforts. Blankfein expressed support for Solomon but clarified that he never considered returning to a leadership role at the company.
Solomon, who succeeded Blankfein in October 2018, has faced criticism due to a consumer banking initiative that faced setbacks. Goldman executives, past and present, have leaked damaging information about losses linked to the strategy, along with anecdotes about Solomon’s leadership style and personal pursuits, such as his hobby as a DJ. When asked if he would follow the examples of CEOs at companies like Disney and Starbucks who returned after retiring, Blankfein laughed and stated that such a scenario hadn’t been part of any conversation. He dismissed the idea of returning to the firm, highlighting that his days of working 100-hour weeks were behind him. Blankfein concluded by mentioning that he couldn’t elaborate further as he was occupied with one of his retirement activities — playing golf.