Lloyd Blankfein took over as CEO of Goldman Sachs (GS) - Get Report in 2006 after years of working his way up the ladder. Throughout his tenure, he weathered many storms and made more than a few controversial decisions.
At the height of the financial crisis in 2008, Blankfein converted Goldman from a brokerage firm to a bank to secure a $10 billion bailout from the US Department of the Treasury. Public opinion of Goldman, a holding in Jim Cramer's AAP portfolio, fell the next year as employees were compensated an obscene total of $16 billion. Meanwhile, eight million Americans remained out of work.
In 2016, Blankfein recognized the emergence of electronic banking and headed an initiative to develop online banking services. As a result, in 2017 Goldman's trading division had worst-in-class performance, forcing Blankfein to begin a 3-year plan to increase annual revenue.
The plan is still in progress, but it hit a bump in the road recently when Goldman failed the Federal Reserve stress test. The firm eventually passed but only due to considerations from losses from the new tax bill.
Blankfein will not be in charge for the remainder of his revenue increase plan. The burden will fall onto new CEO David Solomon, who will take over October 1, 2018.
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