Name: Watch Goldman Sachs’ CEO Speak at Fortune’s Most Powerful Women Summit
Uploaded: 2016-10-18
Duration: 16 min 46 s
Description: Lloyd Blankfein talks cancer and the global economy

[ MUSIC ] Hello everyone ?.>> Hi .>>> Morning .>> Good Moring .>> Everything is easier. I just don't know my left or my right .>> [ LAUGH ] He announced earning this morning I told them he's already here. Put the hard work out of the way. Loyd welcome back .> It's good to be back >> You were not with us last year I wasn't here last year. We miss you a lot. We were just talking back stage. We wouldn't actually gonna talk about this but you know there is a fantastic lesson in you were ill a year ago. Yeah, I was. What's going on? I had right after labor day. In fact couple days after I saw you because I saw you on a labor day weekend. I was When He looked fantastic two labor day weekends ago. Lloyd looked fantastic. Bragging to me about how much weight he had lost. I had all these symptoms. All that were explainable by something. One of them I was losing a lot of weight and I said, my goodness. My discipline is unbelievable. [ UNKNOWN ] And I started giving people advise on how they also could lose weight. [ LAUGH ] And then somehow the machine didn't turn off. And so I went in and I thought something might be up although I didn't feel that bad but I was You know I never do. I'm more of a carrier than somebody who feels himself. And what was the diagnosis. I had lymphoma. Non- Hodgkins lymphoma. So you went through chemo? I went through chemo. I went through about there's six three week cycles. About 100 hours of chemo. It sounds It sounds, and it is for a lot of people. I didn't get that sick, but I got a little sick. And then of course unlike everybody else he gave me a big appetite, so I put back 40 or the 35 pounds I lost. [ LAUGH ] Well good and you look very healthy now. So we're very- I refuse to exceed to it. And the only thing that fits me is my tie. [ LAUGH ] Lloyd we're very glad to have you back and we're gonna use this, Thank you. [ APPLAUSE ] And we're gonna use this very brief opportunity to talk about the wonderful work you do with women around the world but first, I wanna ask you about just Tell us how you are looking at the global economy right now. Well it's almost it's very odd for me because is such a bifurcation between sentiment which is very very negative around the world. And when I say never I mean populist. Populism of the left, populism of the right. You see it reflected in the United States in the bitter election cycle. But you see it manifest around the world. You see it in Brexit and you see the vote they have. In Columbia and the leadership in the Philippines in a way, and you see this manifest everywhere. There's a real negativity and a real negative sentiment. Now the economy isn't in supercharged, but if you just looked at the metrics and numbers especially in the US to say the least it's not that bad with virtually full employment, energy prices relatively cheap Consumers, everything from the consumers. The banks, big banks have the leverage and are relatively well- positioned. Earnings results, GDP bullish is not as dramatics as it could be but at the same time, it's not as bad as a sentiment would indicate. How worried are you about this raging populism, this reaction against authority in so many areas, and the declining respect? For the financial services industry which is certainly noy helped by the latest drama at world [ INAUDIBLE ] Lets say [ UNKNOWN ] are financial institutions may be like the [ INAUDIBLE ] and their concentric circles are business in general institutions, Ellen, I would say the most The stressing thing to me is the lack of recognition of the legitimacy of other people's sense of their contacts and what to do. And people going to their representatives and getting a contractual commitment that they will stand firm on an extreme position and never compromise. How do you get anything done. How do you achieving without compromise? And if you did get something done, how do you achieved any legitimacy? Because of only the extreme let's say if you have the vote from an extreme point of view. The next time government changes then the people who succeed of will have had no participation won't regarded as a legitimate. And those spend every fabric of the bin trying to reverse it And we see that in the politics today. So I have to say, I am militantly moderate and militantly in favor of a cheating at compromise such as, if you don't get everything that you wanted you get a lot of it. And by the way, this redirect today is, I'm a winner you have to be a loser. Most things in life could be win win. That's the nature of trade. It's the nature of political compromise. You're not sharing 100, you're sharing 140. And so everyone can get the bulk of what he or she wants, and not only that, have some confidence that it will sustain past the bruising battle. So in the spirit of making Financial services, and corporate America, more socially respected, responsible, you've certainly been a pioneer in that area of doing social good and one of your Premier programs, probably the premier program in our minds is your 10, 000 Women program, which- where's Dina Powell? Is Dina here? Dina, yeah- which you brought Dina Powell in 2007 to Lead and Loyd what was your vision then with 10, 000 women? and helping funding, guiding women around, across the developing world and is what it has come today and in different [ CROSSTALK ] I tell you honestly. We were shopping around for theme and a committment. And part of the narrative of what we do is we kinda believe in the sustainability of business. We write checks and we're all individually and collectively as a firm, good philanthropists, but that's writing a check. We have a core belief That if you invest in people who grow businesses, that's sustainable. It's not waiting for the next check to come in. What happens, and so that's a big ethic. And then we're seeing what kind of space we want to fill. And as a firm, we want to involve the people in the firm and we want it to be relevant to kind of like our mission and our strategy. And so we were definitely building up. We were the coiner of the phrase, bricks are rolling emerging markets. We believed that there was a space. And this is key. There was a seminal piece of research by our Kathy- Who is here. Called Womanomics, which pointed out how much GDP would added If just women would find their role in the workforce commensurate with the role that men play in the workforce. It was something like 12 % of GDP was lost just by holding women away from the average position that anyone might have taken. And so as an investable space consistent with Again trying to do something, Wiener was a place we were underrepresented in our own firms so we wanted to appeal to people and get a commitment and involvement of our own folks, the emerging market piece and also it represented investment and something that can be sustainable on a longterm as opposed to the earnest when we don't participate and just write a check. So that was the genesis and then from that point forward, we were students. We learned a lot. And I will tell you what I learned. I used to [ UNKNOWN ] tell you if you had asked me 10 years ago, I would think that everybody who is really great in the world had to have gone into and come out of some US business schools somewhere with a briefcase and With that kind of validation in perimeter. I met in this program. You will meet a couple of women. Right now. Right now who are just spectacular by any standard. I'm telling you, I don't want to diminish these women that you'll meet today are spectacular, but I met nine thousand nine hundred ninety eight others that are equivalently. I'm telling you, you could take the population of Gorman Sax. Brush him aside, give him a few more weeks of training, and we can replace him with this crowd. [ LAUGH ] Watch out, there are quite a few Goldman women here. Watch out for your jobs. I could, but that would be a little bit of a radical step. I think the women have Yes, yes .>> Are kinda >> I think so .>> Eye in your eye >> I think so too. And now that you pointed out to me, I wanna get skin .>> So we now, so fortune 10 years ago started the fortune, fortune US state , US State Department Global Women Mentoring Partnership. Many of you in this room have very generously hosted some of these women at your companies. When Dina Powell left the State Department and went to Goldman Sachs we, it was her idea to start the Goldman Sachs- Fortune Global Women Leaders Award which every year goes to two women who go back home to their home country after this wonderful experience being hosted by You women in the United States, go back home to their home country and pay it forward in the biggest way. This year we have two award winners presented with a very major prize, $ 25, 000 each from Goldman Sachs. So we'd now like to welcome to the stage, this years' Global Women Leader honorees. [ INAUDIBLE ] A Blessing and [ INAUDIBLE ] of Fun Kids. [ Applause ] Welcome them to the stage [ APPLAUSE ] Okay. So we're just going to talk for a few minutes about what you both do. Shiru, I'm going to start with you. And tell us about fun kids What you do in Kenya and what you are going to do with this award that we're giving you. Thank you, Patty. My name is [ UNKNOWN ]. I am the CEO of Fun Kids, a children's brand, where we design and manufacture innovative quality products from Africa and educational content as well. This is to change the narrative that good can't come from Africa, Kenya. We are very determined to do this. Our business grew faster than we could imagine and we heard about the Gold Man Sacks 10000 woman programme which we applied for as well as the financing from them. And we were able to scale our factory. We now have state of the Art technology And our businesses grew and then we realised especially as I drive to work, the neighborhood where I'm in unfortunate. So, literally with this award we're able to now also train children especially from disadvantaged families to learn how to innovate. They don't just come and learn how to innovate, we also feed them because in Africa and Kenya sometimes children just need food ���. So we teach and also feed and then I realize there's women around the community as well who lack skills. So we're talking about empowering myself, thank you Goldman Sachs, 10, 000 women. The women around me are not empowered as well so we have a training program both for kids and for women where it costs roughly $ 15 a day. Ans she's changing the lives. It's wonderful for fun kids to be scaling but honestly, my business must scale the people around me, the children and the women. So with the money we're getting, that's we're gonna do. Fantastic .>> [ APPLAUSE ] Thank you. All right. [ APPLAUSE ] Rima, you're Co- founder and CEO of Blessing You were a mentee of Susan Whiting who was then at Nielsen and couldn't make it here but she's here in spirit. In 2012 was that? Yes. Okay, tell us about blessing and tell us what you plan to do with this award. Blessing is a company for chocolates and the gifts and invitations. And since I attended the mentoring program in 2012, I was a help to grow the business which grew beyond my country Lebanon to the Middle East and a little bit beyond by doing the Chocolates and gifts for George Clooney wedding. So that was a big thing. But the most important thing that after the program, I came back to Lebanon committed to bringing forward and to creating this mentoring concept in our community which do not exist unfortunately before that. And we found that the blessing foundation for empowering women in business ever since we were putting woman leaders in our community together with emerging woman leaders to mentor them but now we want to have a much bigger impact and we want to woman in rural areas and refugee camps. Lebanon is a country with a 4 million population and we have 2 million Syrian refugees. So, imagine the pressure this puts on our security, economy, on our infrastructure. The project is to give the products of those two men to put them online On a website, on electronic platform, and to give them the chance to have like local and eventually global visibility for their products, this way we'll be alleviating a little bit of the pressure on those women and girls in those camps and those [ UNKNOWN ] areas and helping them to become financially resourceful. Thank you [ INAUDIBLE ] for this opportunity. It's a good reaction for everyone to help in this regard, as well. We're going to close with one of my favorite questions. Which is, What is power? Shirley. Power. Is having the ability, in my opinion, to make a difference not to your present but to those around you. A positive difference, that's power. [ APPLAUSE ] Lloyd. I think power is Power is influence is the ability to get people to do what you want them to do. So there is good power and bad power. Hard power, force or soft power, persuasion. But power at the end of the day is able to get people to do what you think you want them, what you want them to do. And accomplish. Reema .>> I believe that power is the ability to have a positive impact on people around you and to help them grow. And this is also leadership and dream as power as well because everything starts with the dream. I would share with you a little secret in 2012 when I was Invited to this summit with Susan Whitting. I promised myself that I would come back here and be on stage and here I am. And now, speaking of power I would like to introduce the Chairman, President and CEO of IBM Ginni Rometty. Who will be interviewed by Fortune's Editor in Chief and Timings, Chief Content Officer Ellen Marie. [ APPLAUSE ]. Thank you. Thanks. Thanks a lot for having us. That's good. I like. [ SOUND ]

Lloyd Blankfein talks cancer and the global economy