Some of Goldman's finest said miffed by new promotion

Lloyd Fonzie Blankfein

One executive said that some in the bank’s senior management wished they’d been consulted on the promotion before the decision was made.

Bloomberg News reports that Dina Powell’s departure from the White House offered Wall Street the chance to enlist a rare set of skills: an industry insider who can also navigate President Donald Trump’s inner circle. Lloyd Blankfein seized it.

The Goldman Sachs chief executive officer was the driving force behind the firm’s decision to rehire Powell and elevate her to the company’s powerful management committee, according to people with knowledge of the matter. It’s a bet her experience in government and philanthropy can help Goldman Sachs navigate the tumult of Trump’s presidency and win more business with some of the world’s largest investors.

But the decision to create a new seat on the committee for an executive whose prior experience at Goldman Sachs centered on philanthropy and related initiatives has become a topic of debate inside its hyper-competitive headquarters in lower Manhattan.

Hit the link below to access the complete Bloomberg News article:

At Goldman, Blankfein Touches a Nerve With Powell's Return

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