• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI

2

Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it

3

Current price of oil as of July 6, 2026

1

Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI

2

Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it

3

Current price of oil as of July 6, 2026
FinanceGoldman Sachs Group

As Gary Cohn Resigns, Goldman Sachs Loses its ‘Partner’ in Trump White House

By
Jen Wieczner
Jen Wieczner
Down Arrow Button Icon
By
Jen Wieczner
Jen Wieczner
Down Arrow Button Icon
March 7, 2018, 1:12 PM ET
Add Fortune on Google for similar content.

And then there was one. Goldman Sachs, which had been called “Government Sachs” because of its high number of alumni staffing the White House under multiple presidents, lost one of its last friends in the Trump administration when Gary Cohn resigned Tuesday.

Gary Cohn’s departure as director of the White House National Economic Council leaves Goldman Sachs with just a single former executive advising Donald Trump: Steven Mnuchin, the U.S. Secretary of the Treasury. That’s down from five Goldman Sachs alums who once simultaneously served Trump, including Steve Bannon, Anthony Scaramucci and Dina Powell, as well as Cohn and Mnuchin.

Scaramucci was fired in July after just 10 days as the White House communications director, followed by Bannon’s ouster as Trump’s chief strategist just weeks later. Powell, who stepped down as deputy national security adviser earlier this year, is now reportedly considering going back to work at Goldman.

But Goldman Sachs, which on several occasions has involuntarily hosted protestors outside its New York headquarters demonstrating against the bank’s close ties to Trump, may have now lost its own line to the President’s ear.

As Goldman Sachs stock (GS) fell more than 2% following Cohn’s resignation Tuesday and in early trading Wednesday—somewhat more than the broader market—Lloyd Blankfein, Goldman’s CEO, expressed his sorrow at the departure of someone he has called his “partner,” and one to whom he felt “close.” “Gary Cohn deserves credit for serving his country in a first class way,” Blankfein tweeted. “I’m sure I join many others who are disappointed to see him leave.”

Gary Cohn deserves credit for serving his country in a first class way. I’m sure I join many others who are disappointed to see him leave.

— Lloyd Blankfein (@lloydblankfein) March 6, 2018

Cohn, once presumed to be Blankfein’s successor to lead Goldman Sachs, had also left a void behind at the bank. “Gary Cohn and I have been partners for more than 25 years, so I know better than perhaps anyone that he has the intelligence, commitment, and experience to be successful at any endeavor he undertakes,” Blankfein said in a statement in late 2016 following Cohn’s White House appointment. “We will miss Gary at Goldman Sachs, but I believe the American people and the President-Elect are fortunate that he has chosen to serve his country.”

Indeed, in addition to disagreeing with Trump’s decision to push ahead with broad import tariffs—a move that could trigger a trade war—Cohn reportedly felt underutilized in the White House, and was frustrated that the job wasn’t more intellectually stimulating. Cohn recently told Trump he was “working at like 20% of my capacity,” according to a report Axios, citing White House sources, but “if Trump could put him in a role where he would use 80% or 90% of his brain capacity, he’d stay.”

Cohn’s failure to dissuade Trump from implementing tariffs is also a blow to Goldman Sachs, which could lose business if a trade war ensues. It’s a sign that the bank may have lost influence in Washington. And while Cohn, as top economic adviser, frequently met with corporate CEOs and listened to their concerns as part of his job, Mnuchin may be somewhat less accessible in his Treasury role. After all, Goldman wants to avoid the optics of using its connections to inappropriately sway policy.

“It was a lot easier for me to call Jack Lew [the former Treasury secretary] than it is to call Steve Mnuchin,” Blankfein told Fortune in an interview last year. “It’s in my head to be careful about it and to limit it.”

Representatives for Goldman Sachs did not respond to a request for comment.

Cohn, for his part, hasn’t said what he will do next. “It has been an honor to serve my country and enact pro-growth economic policies to benefit the American people, in particular the passage of historic tax reform,” Cohn said in a statement. “I am grateful to the President for giving me this opportunity and wish him and the Administration great success in the future.”

By early afternoon, Goldman Sachs stock was down slightly over 2% for the day, while the broader stock market had fallen less than 1%.

About the Author
By Jen Wieczner
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

‘Marie Antoinette would feel very comfortable’: How U.S. airlines built their business around big spenders
Travel & LeisureAirline industry
‘Marie Antoinette would feel very comfortable’: How U.S. airlines built their business around big spenders
By Rio Yamat and The Associated PressJuly 7, 2026
3 hours ago
Tech volatility hits highest since dot-com bust next to S&P 500
Investingtech stocks
Tech volatility hits highest since dot-com bust next to S&P 500
By Bernard Goyder and BloombergJuly 7, 2026
3 hours ago
Current price of Ethereum for July 7, 2026
Personal FinanceEthereum
Current price of Ethereum for July 7, 2026
By Joseph HostetlerJuly 7, 2026
4 hours ago
Current price of Bitcoin for July 7, 2026
Personal FinanceCryptocurrency
Current price of Bitcoin for July 7, 2026
By Joseph HostetlerJuly 7, 2026
4 hours ago
Current price of gold as of July 7, 2026
Personal Financegold prices
Current price of gold as of July 7, 2026
By Danny BakstJuly 7, 2026
4 hours ago
Top CD rates from major banks July 7, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
Personal FinanceCertificates of Deposit (CDs)
Top CD rates from major banks on July 7, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
By Joseph HostetlerJuly 7, 2026
4 hours ago

Most Popular

Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI
AI
Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI
By Marco Quiroz-GutierrezJuly 5, 2026
2 days ago
Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
Success
Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it
By Preston ForeJuly 6, 2026
1 day ago
Current price of oil as of July 6, 2026
Personal Finance
Current price of oil as of July 6, 2026
By Joseph HostetlerJuly 6, 2026
1 day ago
Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
Success
Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
By Preston ForeJuly 4, 2026
3 days ago
Current price of silver as of Monday, July 6, 2026
Personal Finance
Current price of silver as of Monday, July 6, 2026
By Joseph HostetlerJuly 6, 2026
1 day ago
The man who ran Bernie's campaign says Democrats are still making the same mistakes with Democratic Socialists, and they should laud Mamdani's win
Politics
The man who ran Bernie's campaign says Democrats are still making the same mistakes with Democratic Socialists, and they should laud Mamdani's win
By Catherina GioinoJuly 6, 2026
20 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.