Streetwise — Chapter 27: Goodbye to All That

1. 1. Lloyd Blankfein decided to step down as Goldman Sachs CEO after 12 years because the balance of enjoyable work shifted from 80% to 20%.
2. 2. Blankfein's illness and recovery led him to question whether he wanted to continue the demanding CEO lifestyle.
3. 3. Blankfein feared that staying too long could trap him in another five-year crisis cycle.
4. 4. Blankfein consulted lead director Adebayo Ogunlesi to plan his succession and agreed to stay as chairman for a few months after resigning as CEO.
5. 5. Gary Cohn left Goldman to become Trump's national economic adviser, opening the path for Harvey Schwartz and David Solomon as co-presidents.
6. 6. The board chose David Solomon as CEO because Goldman needed a leader from investment banking after a long period of trading leadership.
7. 7. Blankfein's successor David Solomon shifted Goldman's strategy toward smoother earnings and fee-based businesses, sacrificing some earnings potential for less volatility.
8. 8. Blankfein acknowledges that Goldman always gets the right leadership for its times, even as it becomes less distinctive.