Former Goldman Sachs CEO Lloyd Blankfein phoned his successor to complain after he received $50 million in the bank’s shares.

Lloyd Blankfein

Former CEO of Goldman Sachs Lloyd Blankfein.Photograph: Wolfgang Ratte/Reuters

  • The New York Times reported that the former CEO of Goldman Sachs has summoned his successor to file a complaint after he received $50 million in shares of the bank.

  • Lloyd Blankfein offered to give David Solomon more advice and floated a return to the company, according to The Times.

  • The newspaper said the head of Goldman Sachs refused to accept Blankfein’s offer.

Goldman SachsThe former CEO called his successor to file a complaint after receiving a $50 million loss from the bank’s share price drop. The New York Times reported on Friday.

Former Goldman CEO Lloyd Blankfein vented his frustration to the investment banking giant’s current boss, David Solomon, and volunteered to offer him more advice or even join the firm to help out, The Times reported. Suleiman declined the offer of help, the newspaper said, citing three people briefed on the conversation.

“He made it clear to Mr. Suleiman that his patience was wearing thin,” the paper said.

Blankfein reportedly made the unexpected call in mid-June, after Goldman’s share price had fallen nearly 10% from its January highs. Blankfein owns about 2.4 million Goldman shares March 2019, the latest date for which numbers are available. A stake of this magnitude worth more than $900 million last November; It was worth less than $800 million for most of June, based on the average closing stock price for that month.

The stock has rallied since then and is now roughly flat for the year. Goldman declined to comment to the insider.

Solomon, who succeeded Blankfein as CEO in late 2018, has faced pressure on several fronts in recent months. Goldman Sachs stock lagged behind its peers, and the bank caved Multiple rounds of layoffsit is said He has doubts About Apple Card and its broader consumer business. The lender was too involved In Silicon Valley Bank fiasco This spring, Solomon Personal criticisms overridden On his side gig as an amateur DJ.

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