Bloomberg Businessweek

New Lloyd Same Goldman

• The CEO is betting that regulation won’t kill off the trading business

“Today’s decision is a setback for the environment and for the U.S.’s leadership position in the world.” With those 102 characters, Lloyd Blankfein, chief executive officer of Goldman Sachs Group Inc., introduced himself to Twitter on June 1, taking a swipe at President Donald Trump for pulling out of the Paris climate accord.

No other leader of a big U.S. bank has an official Twitter account. Most avoid taking stands on political issues, aside from financial regulation, on any platform. And Blankfein, the target of public scorn for his company’s role in the 2008 financial crisis, was opening himself up for more criticism. “I felt there was some inevitability to it,” he says, a half-dozen tweets and 40,000 followers later. “In this world, part of my job is to make us understood, because the consequences of not being understood were made quite vivid to me.”

Blankfein’s embrace of a new technology and his willingness to speak out go hand in hand with a strategic retooling as he begins his 12th year as the bank’s leader. If

You're reading a preview, sign up to read more.

More from Bloomberg Businessweek

Bloomberg Businessweek5 min read
Can Christine Lagarde heal the rifts at the European Central Bank left behind by Super Mario?
Bloomberg Businessweek2 min read
Shoppers Are Learning That Brands Aren’t Everything
Store brands have come a long way from blah boxes of knockoff Cheerios: Americans are increasingly piling their virtual and IRL shopping carts with in-store brands of everything, whether coffee, batteries, suit jackets, or midcentury modern sofas. Be
Bloomberg Businessweek4 min read
Tapping India’s $1 Trillion Gold Stash
When Vijay Mhatre needed cash to make up a shortfall for his son’s engineering school tuition, he pledged his wife’s necklace and bangles. Instead of going to the nearest pawnbroker or bank, the 55-year-old called Rupeek Fintech Pvt Ltd., summoning a