Former Goldman Sachs CEO Shares Leadership Lessons with St. John’s Students

St. John’s University students had a unique opportunity to draw on the experiences of a former investment banking titan recently when Lloyd Blankfein, former Chairman and Chief Executive Officer (CEO) of Goldman Sachs, visited the Queens, NY, campus as part of The Peter J. Tobin College of Business’ 100th anniversary celebration.

Mr. Blankfein, who guided Goldman Sachs, one of the world’s largest investment banks, through the 2008 financial crisis and beyond, addressed that experience and more in an 80-minute discussion on October 5 that included questions from the more than 150 students in attendance.

James P. Riley Jr. ’74CBA, ’75M.B.A., ’03HON, a former Goldman Sachs executive and longtime friend of Mr. Blankfein, helped bring the Brooklyn, NY, native to St. John’s. In a fireside chat-style conversation moderated by another former Goldman executive, Roy Salamé, Mr. Blankfein detailed the life and leadership experiences that shaped his growth from a New York City public school student to Harvard Law School graduate, an attorney, and eventually one of the most consequential financial executives ever.

Later, St. John’s students, including sophomore Ali Reza Chaviwalla, asked Mr. Blankfein questions on his background, professional experiences, and thoughts on the future of an economy that could be driven by artificial intelligence. Before the question-and-answer session, Mr. Blankfein signed 150 copies of his new book, Streetwise: Getting to and Through Goldman Sachs, (2026) for St. John’s students.

“I was eager to learn how Mr. Blankfein did it and why,” Ali said. “I also believe he respects that St. John’s produces students like him—hardworking students who know what to do, how to do it, and when.”    

“He started low and rose to the highest level,” added Nicholas Meglino, a sophomore studying finance. “I am at the start of my career and looking for my first internship. You can draw real lessons from his career arc.”   

More than 200 members of the St. John’s community turned out to hear Mr. Blankfein, who retired from Goldman Sachs in 2018 and now serves in the largely ceremonial role of Senior Chairman. Introduced by Mr. Riley, who told the students that Mr. Blankfein “knows you and what you are capable of,” Mr. Blankfein began with stories from his childhood. Born in the East New York section of Brooklyn, he attended Thomas Jefferson High School and worked as a hot dog vendor at Yankee Stadium.    

Mr. Blankfein practiced law for several years before applying for a trading position at Goldman Sachs. Rejected by Goldman, he instead took a fast-paced position as a precious metals salesman for the commodities firm J. Aron & Company. His life took a turn when, ironically, Goldman Sachs acquired J. Aron.

“When I was 22, I was not thinking how am I going to get to be chief executive officer of a big bank,” Mr. Blankfein recalled. “I just wanted to survive there. Then I wanted to do well there. There is a luxury in that.”

A series of promotions followed, including Partner (1988), Vice Chairman (2002), President and Chief Operating Officer 2004), and eventually CEO in 2006. Along the way, he worked with three future United States Treasury Secretaries—Steven T. Mnuchin, Henry M. Paulsen Jr., and Robert E. Rubin—and met Mr. Riley, with whom he has shared a 40-year friendship. 

“Lloyd and I started at the bottom,” Mr. Riley recalled. “Together, we worked in a meritocracy, which I personally thrived in, and Lloyd did also. When you get your opportunity in a meritocracy, that is when you want to run with it.”

Mr. Blankfein did so well that, over the course of his 12 years as Goldman Sachs CEO, the firm accumulated half a trillion dollars in cumulative revenue. In 2007 alone, the firm generated $46 billion in revenue, employed 35,000 people globally, and was recognized as the largest standalone investment bank in the world.     

However, Mr. Blankfein needed to draw on all his accumulated wisdom in 2008 when the collapse of the subprime mortgage market and a liquidity freeze threatened the bank and the broader economy. It was a challenge not seen since the Great Depression.

“It was a real estate bubble,” Mr. Blankfein explained. “Mortgages are just secured loans on real estate, and real estate is by far the biggest asset class. The bottom fell out of that slowly, and then all at once.”

“There were rumblings in the low-creditworthy part of the mortgage market, and what was called the middle level,” Mr. Blankfein continued. “Then even in AAA-rated mortgages that every 10,000 years should not go under. But guess what? It was wrong.”

Following the bankruptcies of two of Goldman Sachs competitors—Bear Stearns and Lehman Brothers—the federal government initiated a bold series of bank bailouts that saved the economy, but left a mark on the American political environment that lingers today, Mr. Blankfein said.

“The federal government had to stop banks from being in any more distress than they already were,” Mr. Blankfein explained. “That created the root nature of the polarization we have today—the fact that some people get bailed out, but the secretaries who work for homes on credit do not.”

“There was the crisis itself,” Mr. Blankfein added. “Then there was the aftermath blowback for what got done. Everybody was focused on saving the financial system. Still, there was a disproportionality in who was important to save for the entire system to work, and that reverberates today, 17 years later.”

Mr. Blankfein’s leadership during the crisis was felt throughout Goldman Sachs, which staged one of the quickest financial comebacks in Wall Street history, returning to profitability by early 2009. He shared those leadership lessons with students from across the University.  

“I got caught in the crisis,” he said. “You have no choice but to work your way through it. At the same time, there are choices within that no-choice. You can hyperventilate, shrivel up in a fetal position, and hope it all goes away—or you can get your wits about you. I thought clearly and carefully and kept my wits about me.” 

Personal character matters, particularly in times of crisis, Mr. Blankfein told St. John’s students.

“During that time, I used to say to the staff that we will all get through this,” he said. “But your reputation is going to be made by how well you act during this time, and it is going to stay with you your whole career.” 

Character is often demonstrated in one’s ability to overcome adversity, Mr. Blankfein told the students, echoing a central theme from his book. “It takes grit and determination to be successful,” Mr. Blankfein said. “But everybody goes through adversity of one kind or another. Former Apple CEO Steve Jobs got fired. Jamie Dimon, CEO of JPMorgan Chase, got fired. Be aware that everyone gets tested.”

“Take shots on goal,” he added, using a sports analogy. “The more shots you take, the more likely one is going to find the net. Resilience is important. If you can persevere and stay at it, maybe 16 years from now you will be sitting in a chair telling people how it was in the old days.”