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 (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 undergraduate and law degrees from Harvard University. He rose through Goldman’s trading business to clinch the top job at the bank in 2006.