Minus One

Lloyd Blankfein & Leadership During Crisis

Jul 30, 2024
In this fascinating discussion, Lloyd Blankfein, former CEO of Goldman Sachs, shares insights from his career, including navigating the turbulent waters of the 2008 financial crisis. He emphasizes the critical role of decisive action and clear communication during crises, revealing how leadership challenges shape character. Blankfein also reflects on the balance between risk and regulation in banking and discusses his journey from a high-profile career to finding new purpose and curiosity in life post-Goldman.
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INSIGHT

Platform vs. Individual Ambition

  • Effective leadership in elite organizations requires getting individuals to temporarily set aside narrow self-interest.
  • Building a strong platform benefits everyone and amplifies individual ambitions within and beyond the firm.
ADVICE

Build Lifelong Peer Relationships

  • Invest in relationships and reputation with your peers early; these bonds last a lifetime.
  • Perform well in crisis moments because these memories influence future trust and opportunities.
ANECDOTE

Crisis Days at Goldman Sachs

  • Lloyd Blankfein recalls the pivotal moments of the 2008 financial crisis and the existential risks Goldman Sachs faced.
  • He describes the uncertainty and fear as banks like Bear Stearns and Lehman collapsed around them.
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