Streetwise: Getting to and Through Goldman Sachs

In Getting to and Through Goldman Sachs, Lloyd Blankfein details his childhood and growth through J. Aron and subsequently Goldman Sachs all the way to the CEO role. Blankfein portrays himself as an underprivileged guy who climbed his way to the top through hard work.

According to Blankfein, he grew up in a poor Jewish family in Brooklyn. His first break began with his admission into Harvard, and he subsequently climbed through law school, transitioned into sales and trading, and eventually rose through the ranks at Goldman to the CEO role. He heavily tries to sell the portrayal that he was a disadvantaged kid climbing against the WASPy establishment.

For this sort of rise from a junior salesman to the CEO of a publicly traded company, Blankfein did not comment on the politicking that must have been involved in this sort of rise. He did comment briefly on some rivals during the rise, but aside from work ethic, he did not focus on the strategies that allowed him to rise faster than his peers.

Blankfein is clearly extremely smart and has an astute mind for the market. Goldman clearly outperformed all of their competitors during the financial crisis of 2008. Blankfein was able to lead Goldman through the crisis successfully due to their rigorous risk management attitude and especially the policy of marking all positions to market daily.

Blankfein was able to climb the ranks throughout Goldman by traveling extensively and owning his own book. His leadership and relationships allowed him to rise to the CEO role.