Goldman Sachs: Lloyd Blankfein(CEO)
When Lloyd Blankfein, CEO of Goldman Sachs, announced his departure to colleagues he expressed that the timing felt right, he told them ‘When things are going wrong, you can’t up and leave” – and yet now, things are going very wrong, and Blankfein is still leaving. What’s going wrong? One of the biggest scandals of this generation with the Malaysian investment fund for 1MDB, with the US Justice department investigating, with a former partner who has already pleaded guilty to bribery charges. This scandal comes after years of efforts to clean up the firm’s image of having misled subprime investors that led to the financial crisis.
While Blankfein led Goldman to the largest profits in its history, stock price dropped over 30% this year. While most employees leave with a file box of personal effects, Blankfein won’t be leaving at all, instead he’ll be moving into a nicer, larger, office space in his new role as an advisor to the company. While the company has stated that the renovations for his office will cost less than $100k, lower level associates have expressed outrage seeing as they work in a tight space with little privacy and are often expected to supply their own laptops and cell phones.