Goldman Sachs CEO Lloyd Blankfein is now a billionaire
Reuters/Carlo Allegri
The legendary Wall Street titan, who grew up in a housing project in Brooklyn and ended up earning degrees from Harvard University, has seen his net worth surge to $1.1 billion (£704 million).
According to the Bloomberg Billionaires Index, the massive surge in his wealth is due to him being the largest individual shareholder in investment banking giant Goldman Sachs, which manages nearly $911.5 billion (£583 billion) in assets.
Goldman Sachs' share price has quadrupled since it went public in 1999. Blankfein has a $500 million (£320 million) stake in the group. His ownership of 2.24 million shares makes him the bank's largest stockholder. He also has around $600 million (£384 million) from a real estate and investment portfolio.
On top of that, he has made $126.6 million (£81 million) in compensation over the last four years, which seems like pocket money in comparison to the rest of his wealth.
It's no wonder that Goldman Sachs' share price shot up over the past few years. In its second quarter this year, earnings came in stronger than expected. The investment bank reported a 13% rise in investment-banking revenues, when compared to the same period last year.
In the investment management division, revenues were $1.65 billion, or 14% higher than the year-ago quarter and 4% higher than last quarter. The bank said that was due to higher fees.
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- A surprise visit: Tesla CEO Elon Musk heads to China after deferring India visit
- Unemployment among Indian youth is high, but it is transient: RBI MPC member
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market