Meet Goldman Sachs’s newest billionaire: the CEO

Fortune

Who knew that running one of the world’s most powerful investment banks could be so profitable?

Despite the fact that increased regulation has helped to crimp profits on Wall Street in recent years, shares in Goldman Sachs [fortune-stock symbol=”GS”] have doubled in the past three years, gaining enough that the bank’s CEO Lloyd Blankfein has now officially joined the ranks of the billionaire class — he now has a net worth of $1.1 billion, according to Bloomberg News.

Blankfein may, however, be the last investment bank executive to get this rich for some time, as Goldman was the last of the major investment banks to go public. Since Blankfein, the son of a New York postal worker, was a partner at the firm before it went public in 1999, he owns a sizable share of the company, which has more than quadrupled in value since the firm’s IPO.

Blankfein has…

View original post 25 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s