ChaseDream
搜索
返回列表 发新帖
查看: 2678|回复: 1

[分享] 哈佛大学法学院毕业的 JD 如何坐上高盛 CEO 宝座?

[复制链接]
发表于 2007-4-5 01:11:00 | 显示全部楼层

[分享] 哈佛大学法学院毕业的 JD 如何坐上高盛 CEO 宝座?


 
 
作者:英国《金融时报》本•怀特(Ben White)、戴维•怀顿(David Wighton)

2007年1月8日 星期一

[upload=jpg]UploadFile/2007-3/200731822343443318.jpg[/upload]
  
 
去年12月12日上午7点30分,在高盛(Goldman Sachs)发布华尔街历史最佳年度业绩之前的1小时,该公司首席执行官劳埃德•布兰克费恩(Lloyd Blankfein)将高管聚集在曼哈顿下城区(lower Manhattan)的一个礼堂中。

布兰克费恩并未像其前任汉克•保尔森(Hank Paulson)那样,大步走上讲台、发表正式的讲话,而是一下脱掉了外套,挽起袖子,站在了人群里。

他脱稿讲了20分钟,回顾了创纪录业绩的每一个准确的细节,并讨论了该投行来年的战略。最后,他敦促一些世界上收入最高的管理人士,要谦逊面对如此非凡的成功,并在假期中花些时间陪伴自己所爱的人(几乎可以肯定,多数人会忽视这一指示)。

这就是典型的布兰克费恩。这位前“黄金推销员”个头不高,有些谢顶,远非你所想象的那种受欢迎的华尔街巨头。但在自谦的智慧,以及和蔼可亲的举止背后,是受过哈佛大学(Harvard)训练、令人生畏的头脑,对于运营细节的把握,以及让高盛更具支配力的勃勃雄心。

去年春天,52岁的他从保尔森手中接过高盛的领导权,当时该公司处于鼎盛时期。去年业绩飙升70%,达到创纪录的95亿美元,这在很大程度上归因于该公司的交易及投资战略,而作为该公司固定收益部主管,布兰克费恩一直负责这一领域。

但这一巨大的胜利给布兰克费恩带来了挑战。在他的管理下,高盛能做得更好吗?或者,那些企业客户有关高盛将自身利益置于它们的利益之上的抱怨,会愈演愈烈吗?此外,当过去几年极佳的市场状况最终结束时,高盛又当如何经营?

与许多跻身华尔街领导层的人一样,布兰克费恩出身卑微。他是一个邮政工人的儿子,在纽约布鲁克林区的廉租房长大,就读于一所条件艰苦的地方学校,靠奖学金读完了哈佛大学及哈佛大学法学院(Harvard Law School)。干了不长时间的税务律师后,他应聘高盛的一个岗位,却遭到失败。最后,他通过其它途径进入了高盛。就在高盛收购J. Aron之前,他成为了这家大宗商品公司的黄金业务员。

“他具有一种使你愿意与之共事的亲和力,”将他招入高盛的前股东丹尼斯•萨斯金德(Dennis Suskind)表示,“他能让你放声大笑,但也有着极为严肃的一面。他像海绵般吸收信息,工作极其努力。他能够同时协调上下两方面的关系。”

1994年,布兰克费恩被任命为高盛大宗商品部门联席主管,并于1997年被调往伦敦,出任固定收益部门联席主管,其间他在该投行应对1998年金融危机中发挥了作用。其后几年,他悄然超越了投行业务部门更为高调的竞争者,并在保尔森离开高盛、出任美国财政部长之后,轻松赢得了该投行的最高职位。

他目前执掌着有史以来最庞大的赚钱机器之一。去年,高盛为其2.65万名员工平均支付了62万美元的薪资。布兰克费恩将得到至少5000万美元,一些高级交易员的薪资甚至可能更高。而在此之际,人们正越来越担心美国贫富差距的日益扩大。布兰克费恩和高盛其他许多高管同样也存在这种担忧。该公司素来有一种公共服务和慈善的文化。

布兰克费恩目前拥有市值5亿美元的高盛股票。一些银行家仅仅因为自己成了“又一位纽约富豪”而沾沾自喜,布兰克费恩则以蔑视他们而著称。与高盛多数高管一样,布兰克费恩避免张扬地露富,不过他正计划与妻子和三个孩子搬进一幢价值为2700万美元的新公寓,这处房产位于纽约中央公园西路附近的一个高级小区。

外界不应错误地解读他对于慈善事业的兴趣。“他与我所遇见过的所有人一样商业化,”对冲基金集团Highbridge Capital创始人之一格伦•迪宾(Glenn Dubin)表示。“但他清楚自己的出身,也知道回馈社会。”

布兰克费恩主要的非赢利事业之一,是担任罗宾汉基金会(Robin Hood Foundation)的董事。这家慈善机构由迪宾负责,重点是消除纽约的贫困。迪宾表示,人们遇见这位高盛董事长时非常惊讶,发现他“不可思议的风趣和友善”。

据一位目前供职于其它银行、布兰克费恩的老同事称,这种友善具有欺骗性。“他具有非同一般的同情心,同时也非常强硬。由于这两种性格通常不会同时显现,所以他的强硬常常令人吃惊。”

一些观察人士表示,最近他在鼓励许多高管离职时,表现出了明显的强硬。一位前任高管表示:“与前任相比,目前的拉帮结派现象要多得多。”离职的高管包括投资银行业务三位联席主管之一的斯科特•卡普尼克(Scott Kapnick),以及更近一些时候的高盛副董事长苏珊•诺拉•约翰逊(Suzanne Nora Johnson),她是该投行职位最高的女性高管。

这些人的离去,使人们更加担忧:在与那些交易业务出身的人的竞争中,投资银行家们的影响力正在丧失。

近年来交易业务的显著增长,意味着这些人所贡献的利润超过了投资银行家。投资银行家为企业提供交易建议,并帮助它们筹资。一些银行家感觉,高盛越来越把其作为投资者的利益放在了客户利益之上。许多客户认同这种说法。这些担忧最早出现在去年夏季,当时一些大客户抱怨称,高盛参与了几宗对英国大型企业失败的竞购交易。但布兰克费恩强调了高盛客户关系对于其它业务的重要性,并表示,有信心解决潜在的利益冲突。

一些观察人士认为,对高盛而言,更大的威胁在于可能爆发的全球金融危机。布兰克费恩拥有作为风险管理者的出色记录,他确保该投行拥有大量的现金流,以帮助其渡过危机。他喜欢讲的一句话是,“自1998年以来从未感觉如此良好”。在此之前,俄罗斯债务拖欠危机使得高盛和全球金融市场陷入了困境。

“在过去的十几年里,我们经历过足够多的市场混乱,因此知道将会出现另一次混乱,”高盛董事兼前高级合伙人史蒂芬•弗里德曼(Stephen Friedman)表示。“但劳埃德清楚,树长不到天上去,不会有一帆风顺、无休止的扩张。”

译者/何黎
 


 楼主| 发表于 2007-4-5 01:12:00 | 显示全部楼层


THE DISARMING BANKER
 
 
By Ben White and David Wighton

Monday, January 08, 2007
 
 
At7:30am on Tuesday, an hour before Goldman Sachs was to report the most profitable year in Wall Street history, Lloyd Blankfein, its chief executive, gathered senior employees in an auditorium in lower Manhattan.

Instead of striding to the podium and delivering a formal speech, as his predecessor Hank Paulson had done, Mr Blankfein tossed off his coat, rolled up his sleeves and stood in the crowd

Speaking for 20 minutes without notes, he reviewed the record results in precise detail and discussed the bank's strategy for the coming year. He closed by urging some of the world's most highly paid executives to be humble in the face of such extraordinary success and to spend time with loved ones over the holidays (a directive most will almost certainly ignore).

It was classic Blankfein. The shortish and baldish former gold salesman is about as far from the popular image of a Wall Street titan as you can get. But behind the self-deprecating wit and affable manner lies a formidable Harvard-trained mind, a mastery of operational detail and a fierce ambition to turn Goldman into an even more dominant force.

The 52-year old took the helm from Mr Paulson this spring with Goldman at the height of its powers. Earnings soared 70 per cent to a record $9.5bn this year largely on the back of trading and investing strategies for which Mr Blankfein had been responsible as head of its dominant fixed income division.

But this runaway success poses challenges for Mr Blankfein. Can things possibly get any better on his watch, or will grumbling among corporate clients, that Goldman puts its own interest before theirs, intensify? And how will Goldman fare when the extremely favourable market conditions of the last few years finally come to an end?

Like many who make it to the top on Wall Street, Mr Blankfein came from a humble background. Son of a postal worker, he grew up in subsidised housing in the New York borough of Brooklyn, went to a tough local school and put himself through Harvard and Harvard Law School on scholarships. After working briefly as a tax lawyer he applied – unsuccessfully – for a job at Goldman. He eventually got in through the back door, becoming a gold salesman at J. Aron just before Goldman bought the commodities company.

“He had a personality that made you want to be around him,” says Dennis Suskind, a former Goldman partner who hired him. “He made you laugh but he had an extremely serious side. He was a sponge for information and was extremely hard working. He was able to both manage up and manage down.”

In 1994, Mr Blankfein was named Goldman's co-head of commodities and in 1997 moved to London as co-head of fixed income where he helped manage the bank's response to the 1998 financial crisis. Over the next few years, he quietly overtook more high profile contenders from the investment banking side and won the top job easily upon Mr Paulson's departure to become US Treasury secretary.

He now presides over one of the most prodigious wealth-generating machines in history. Goldman is paying an average of $620,000 to its 26,500 staff this year. Mr Blankfein will get at least $50m and some top traders could reap even more. This bonanza comes at a time of growing concern about the widening gulf between rich and poor in America. It is a concern shared by Mr Blankfein and many others at the top of Goldman Sachs, which has a culture of public service and philanthropy.

Mr Blankfein, who has $500m of Goldman stock, has been known to disparage bankers who are happy just to be “another rich guy in New York”. Like most senior Goldman executives, Mr Blankfein avoids conspicuous displays of wealth, though he is planning to move with his wife and three children into a new $27m apartment in a glitzy development off Central Park West.

The interest in philanthropy should not be misinterpreted. “He is as commercial as anyone I have ever met,” says Glenn Dubin, co-founder of hedge fund group Highbridge Capital. “But he has an appreciation of where he came from and of giving back.”

One of Mr Blankfein's main non-profit commitments is as a director of the Dubin focused on alleviating Robin Hood Foundation, a charity chaired by Mr Dubin says people are surprised to meet the chairman of poverty in New York. Mr Goldman Sachs and find he is “incredibly funny and incredibly friendly”.

But the affability can be deceptive, according to one long-time colleague now at another bank. “He has extraordinary empathy and extraordinary toughness. Since the two do not often go together, his toughness can often surprise people.”

Some observers say that toughness is evident in the way he has encouraged the recent departure of a number of senior executives. “There is much more of a clique than under his predecessor,” says one former executive. The departures include Scott Kapnick, one of the three co-heads of investment banking, and, most recently, Suzanne Nora Johnson, a vice-chairman and the bank's most senior woman executive.

These exits have added to concerns that investment bankers are losing influence to those who have come up through the trading operations.

The remarkable growth of the trading businesses in recent years means they swamp the profit contribution from investment bankers who advise companies on deals and help them raise money. Some of the bankers feel Goldman increasingly puts its interests as an investor ahead of its clients'. Many clients would agree. These concerns came to a head this summer when some important clients complained about Goldman's involvement in several failed bids for large UK companies. But Mr Blankfein stresses the importance of Goldman's client relationships for the rest of the business and is confident it can handle the potential conflicts of interest.

Some observers believe the bigger threat for Goldman is the prospect of a global financial crisis. Mr Blankfein has a strong record as a risk-manager and has ensured that the bank has a massive cash horde to help it trade through a crisis. One of his favourite lines is that he has “not felt this good since 1998”, just before the Russian default threatened to swamp Goldman and global financial markets.

“We've had enough market dislocations over the last dozen-plus years to know there will be another,” says Stephen Friedman, a Goldman director and former senior partner. “But Lloyd is someone who knows trees don't grow to the sky and you don't have unending expansion without rough bumps along the way.”
 

您需要登录后才可以回帖 登录 | 立即注册

Mark一下! 看一下! 顶楼主! 感谢分享! 快速回复:

手机版|ChaseDream|GMT+8, 2021-10-17 15:20
京公网安备11010202008513号 京ICP证101109号 京ICP备12012021号 Advertisement

ChaseDream 论坛

© 2003-2021 ChaseDream.com. All Rights Reserved.

返回顶部