Former Goldman Sachs CEO Lloyd Blankfein's 'Suck It Up' Advice for Corporate Success
Lloyd Blankfein, the former chief executive officer of Goldman Sachs, has revealed his strikingly direct and unvarnished advice for those aiming to ascend the corporate hierarchy. The 71-year-old billionaire, who rose from a working-class background in Brooklyn to lead one of the world's most prestigious financial institutions, distilled his wisdom into three blunt words: 'Suck it up.'
From Humble Beginnings to Banking Titan
Blankfein's journey to the pinnacle of global finance is a testament to resilience and determination. Growing up in the projects of Brooklyn, he eventually took the helm at Goldman Sachs in 2006, amassing an estimated net worth of $1.7 billion. His advice, shared with The Wall Street Journal ahead of his memoir release, Streetwise: Getting to and Through Goldman Sachs, emphasises loyalty, longevity, and reputation-building over frequent job-hopping.
He argues that competent professionals will inevitably find recognition, advocating a 'fake it until you make it' approach. 'Regardless of title, if you do a good job and you’re capable, the world finds you,' Blankfein asserted. He illustrated this by recounting an anecdote where he humorously asserted authority, telling a trader, 'I’m not sure myself, but that’s your risk.'
Navigating Setbacks and Personal Challenges
Blankfein acknowledges that career advancement can sometimes seem arbitrary or hindered by superiors' lack of familiarity. His counsel during such times is to persevere and maintain composure. 'So my advice to people during these times is just do your job and show they were wrong and act like you’re unperturbed by it, even though you are perturbed by it,' he explained, noting his own experiences with frustration.
His resilience was tested not only professionally but personally. He continued leading Goldman Sachs through the 2008 financial crisis and while battling a cancer diagnosis in 2015, retiring in 2018. Reflecting on his retirement, he downplayed the impact of his health, stating, 'Cancer must have affected me, but I don’t think it was the reason.'
A Career Marked by Ascension and Critique
Blankfein's career trajectory is a study in corporate climbing. After graduating from Harvard Law School, he began in corporate tax at a New York firm before joining J. Aron & Co., a trading firm acquired by Goldman Sachs, in 1982. He became a partner six years later, bolstering the bank's foreign exchange operations, and rose to vice chairman by 2002.
Despite his high-ranking position, a performance review highlighted areas for improvement, criticising his 'better listening skills' and tendency to be 'less dominant in meetings.' The review, featured in his memoir, described him as 'adversarial and intimidating' with a 'tendency to micromanage.' Yet, this did not stall his rise; he became COO and president in 2003, and chairman and CEO in 2006 after Hank Paulson's departure.
Life After Goldman Sachs
Now retired, Blankfein and his wife, Laura, enjoy a luxurious lifestyle, wintering in Miami and maintaining a home in New York's metropolitan area, including a Bridgehampton property valued at $15.8 million. His legacy at Goldman Sachs, where he was succeeded by David Solomon, endures as a blueprint for corporate tenacity.
Blankfein's story underscores that success often requires enduring hardships with grace and determination, encapsulated in his no-nonsense mantra to simply 'suck it up' and push forward.
