What is Lloyd Blankfein's Net Worth and Salary?
Lloyd Blankfein, an American finance executive, boasts a net worth of $1 billion. His vast fortune is the result of a long-standing career at Goldman Sachs, where he currently serves as the senior chairman since 2019. Prior to this role, he was the chairman and CEO from 2006 to 2018. Lloyd's journey with Goldman Sachs began when he became COO in 2004, steadily climbing the ranks to make a significant mark in the corporate world.
Salary
One of Wall Street's highest-paid executives, Lloyd Blankfein regularly earns over $50 million annually in salary and bonuses. He also holds a substantial amount of Goldman Sachs equity. Upon stepping down as CEO, Blankfein received an $85 million exit package. His immense earnings have often sparked controversy, particularly in 2006, when his total compensation reached nearly $54.5 million.
Early Life
Lloyd Craig Blankfein was born on September 20, 1954, in The Bronx, New York City. Raised in a Brooklyn housing project by working-class parents, Blankfein excelled academically, becoming the valedictorian of his high school class in the early 70s. He then attended Harvard College, earning an A.B. in History, and later graduated from Harvard Law School with a J.D. degree. Initially embarking on a career in law, Blankfein soon transitioned to the precious metals industry in London before the firm he worked for was acquired by Goldman Sachs.
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Career
Following Goldman Sachs' acquisition of his previous firm, Blankfein swiftly ascended the corporate ladder. In the 90s, he led the company's currency and commodities division and was mentored to succeed Henry Paulson as CEO. Elevated to president and COO in 2004, he took over as chairman and CEO in 2006. During his tenure, Blankfein successfully navigated the company through the 2007-08 financial crisis, even as Goldman Sachs faced scrutiny for its involvement in subprime mortgages. Under his leadership, Goldman Sachs emerged as the second-largest investment bank in the U.S., leveraging low interest rates to its advantage.
Blankfein's actions during the crisis sparked controversy, particularly his testimony before the Financial Crisis Inquiry Commission in 2010, where he defended the sale of financial products Goldman Sachs was betting against. Over time, the controversies subsided, and Blankfein's impact on the financial industry remained significant.
Politics
Lloyd Blankfein and Goldman Sachs employees have significantly contributed to Democratic candidates such as Hillary Clinton and Barack Obama. In the 2008 campaign, their contributions helped raise more money for Obama than any other entity, totaling approximately one million dollars.
Real Estate
In 2012, Lloyd acquired a 7.5-acre estate in Bridgehampton for $35.5 million, featuring an 8,000-square-foot residence with a pool and tennis court. By 2016, he sold his Hamptons home for around $13 million after listing it in 2007 for $14 million. The property, purchased in 1995 and completed in 2001, includes seven bedrooms, a heated pool, and tennis courts.
