Goldman Sachs CEO Lloyd Blankfein announced Tuesday that he had lymphoma, a type of cancer.
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Throughout his run at Goldman, he has been aided by a core group of lieutenants, many of whom have worked alongside him since Mr. Blankfein managed Goldman’s fixed-income trading business. “I draw on their experiences as I begin my own”.
Of note, the share price of Goldman Sachs dropped 1.6% to $180.45 in early trading Tuesday after the news. CEO Jamie Dimon disclosed he had throat cancer, for which he was successfully treated. He led the prestigious bank through the 2008 financial crisis.
He added: “My doctors have advised me that during the treatment, I will be able to work substantially as normal, leading the firm”. However, Blankfein expects to reduce some of his previously planned travel during this period.
Blankfein replaced CEO Hank Paulson, who left the firm to become Treasury Secretary under President George W. Bush.
In a message on the company’s website, Mr Blankfein said: “Fortunately, my form of lymphoma is highly curable and my doctors’ and my own expectation is that I will be cured”.
Blankfein said he’s discussed his planned work approach with the Goldman Sachs board and that they are supportive. I have a lot of energy and I’m anxious to begin the treatment. His biopsy came back last week, he said.
Blankfein has assumed a more public role in recent years, often appearing with local politicians around the country to support the firm’s philanthropic initiatives.
JPMorgan’s shares lost more than 3 per cent of their value in the week following Dimon’s announcement, more than 2 percentage points worse than the KBW bank stock index.
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The firm has a number of long-serving senior executives, including Vice Chairman Michael Sherwood, investment banking co-head David Solomon, Chief Financial Officer Harvey Schwartz and Chief Strategy Officer Stephen Scherr, who investors said offered stability.
