Ex-Goldman Sachs boss Lloyd Blankfein rejects return offer
Former Goldman Sachs CEO Lloyd Blankfein accused The New York Times of “misquoting” him on Monday after the paper ran an article over the weekend claiming he had offered to talk about the ailing Wall Street company to help his beleaguered successor, David Solomon.
Blankfein strongly denied the Times report and told CNBC on Monday that a return to Goldman Sachs was not in sight.
“I can’t imagine returning to the company” Blankfein told CNBC. “I think my 100-hour week days are over.”
According to the Times, Blankfein told Solomon in June that he was running out of patience and that he was ready to step in and help by providing “more practical advice” or “even returning to the firm in any capacity that might be helpful.” would”. ”
However, according to the Times, Solomon declined his former boss’s offer of help.
However, Blankfein insists a return to the company was never discussed.
“In my conversation with him, I offered to be helpful,” said Blankfein, who supported his successor Solomon despite widespread concerns about his leadership. “I never used the word ‘return’.”
Times Wall Street reporter Rob Copeland interviewed nearly two dozen people inside and outside Goldman Sachs for the story. according to the Gray Lady.
The Post has reached out to the Times and Goldman Sachs for comment.
In a statement to the Times, Goldman spokesman Tony Fratto said, “David is direct and results-oriented… Our clients and investors are direct and expect results.”
Copeland’s story in the Times summed up company-wide concerns about Solomon’s stewardship of Goldman, which was marked by sharp declines in earnings, an exodus of top talent and falling morale.
Blankfein, who has lost about $50 million so far this year due to the falling Goldman share price, was reportedly furious with Solomon’s performance as chief executive.
Solomon has reportedly annoyed partners and humble employees who are unnerved by his side job as a DJ and his penchant for flying private jets.
Blankfein, who was replaced by Solomon in late 2018, complained about his successor’s job performance at a meeting of partners at a conference in Miami earlier this year. according to the Wall Street Journal.
“God, I wish he would spend less time on the plane and more time making money,” Blankfein said was quoted by New York Magazine.
Goldman last month reported a 58% fall in earnings for the second quarter, underperforming Wall Street estimates.
The bank suffered a loss of $504 million related to its GreenSky business, which provides home improvement loans to consumers, and $485 million related to its real estate investments.
