May 19, 2024

DealBook: Blankfein Faces Shareholders

Lloyd C. Blankfein

While Goldman Sachs’s annual meetings are usually eventful, this one will make history. For the first time, shareholders are trekking to Jersey City for the gathering.

The investment bank’s chief executive, Lloyd C. Blankfein, had not faced shareholders since Goldman settled civil fraud charges in 2010 that claimed it duped clients by selling mortgage securities that were created by a hedge fund to cash in on the housing market’s collapse. At the meeting, there were shareholder proposals regarding senior executives’ pay and a bylaw amendment so that 10 percent of shareholders can call a special shareholder meeting, among other issues.

Although Goldman’s profit bounced back faster than many of its rivals, its stock has struggled. Shares of the investment bank have fallen more than 10 percent so far this year.

DealBook was on hand for the annual meeting. What follows is a blog of the event.

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