Blankfein reveals a key motivation for programs like 10,000 Women was strategic. As a wholesale firm, Goldman was unknown to the public ("citizens and taxpayers"). These initiatives created a positive public connection and a human-scale purpose for employees, which proved valuable during the financial crisis.
To maintain an "ownership culture" in a large public company, leaders must treat key employees like partners. This means floating ideas, gathering reactions, adjusting plans, and sometimes postponing actions—a slower, more collaborative process than a typical top-down corporate hierarchy.
Lloyd Blankfein argues that gaining the genuine support of your team ("managing down") is more critical for success than pleasing those above you. An empowered team will proactively help you succeed, which is more valuable than superiors merely hoping you succeed.
Lloyd Blankfein suggests that while he ran Goldman post-IPO, it still had a private partnership mentality focused on maximizing earnings. He views his successor as completing the IPO process by shifting focus to pleasing public shareholders through smoother earnings to achieve a higher valuation multiple.
During crises, Blankfein’s team ignored predictions about likely outcomes. Instead, they focused exclusively on identifying all possible (even low-probability) negative events and creating contingency plans. This readiness allowed them to react faster than competitors when a tail risk event actually occurred.
A former Goldman leader advised new partners to build a life so rich that if their obituary were nine paragraphs long, no more than three would be about their career. This advice frames work as just one part of a well-rounded life, encouraging philanthropy, diverse relationships, and other pursuits.
Blankfein argues that a firm's best recruiting tool is its alumni network. When leaders graciously support an employee's exit and help them in their next chapter, it strengthens the network. Prospective hires see the long-term value of having worked there, making the firm more attractive than competitors.