Former Goldman Sachs CEO Lloyd Blankfein accused The New York Times of having “misquoted” him on Monday after the newspaper published a story over the weekend claiming that he offered to return to the embattled Wall Street firm in order to help his beleaguered successor, David Solomon.
Blankfein emphatically denied the Times report, telling CNBC on Monday that a return to Goldman Sachs was not in the cards.
“I can’t imagine returning to the firm,” Blankfein told CNBC. “I think my days working 100-hour weeks are over.”
According to the Times, Blankfein told Solomon in June that his patience was wearing thin and that he would be willing to pitch in and assist by providing “more hands-on advice” or “even return to the firm in any capacity that might help.”
Solomon, however, declined the offer of help from his former boss, according to the Times.
But Blankfein insists that a return to the company was never discussed.
“My conversation with him was, I offered to be helpful,” said Blankfein, who backed his successor, Solomon, despite widespread misgivings about his leadership. “I never used the word ‘return’.”
The Times’ Wall Street reporter, Rob Copeland, interviewed nearly two dozen people inside and outside Goldman Sachs for the story, according to the Gray Lady.
The Post has sought comment from the Times and Goldman Sachs.
In a statement to the Times, Goldman spokesman Tony Fratto said, “David is direct and focused on results… Our clients and investors are direct, and they expect results.”
Copeland’s story in the Times summed up company-wide angst over Solomon’s stewardship of Goldman, which has been beset by steep declines in profit, an exodus of top talent, and sagging morale.
Blankfein, who so far this year has lost some $50 million due to Goldman’s falling stock price, was reportedly livid by Solomon’s performance as chief executive.
Solomon has reportedly alienated partners and rank-and-file employees who chafe at his moonlighting as a DJ as well as his penchant for flying on private jets.
Blankfein, who was replaced by Solomon in late 2018, griped about his successor’s job performance during a gathering of partners at a Miami conference earlier this year, according to The Wall Street Journal.
“God, I wish he’d spend less time on the plane and more time making money,” Blankfein was quoted as saying by New York Magazine.
Goldman last month reported a 58% drop in earnings for the second quarter — falling short of Wall Street estimates.
The bank took a $504 million hit tied to its GreenSky business, which facilitates home improvement loans to consumers, and $485 million related to its real estate investments.
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