Friday’s information that Lloyd Blankfein would retire from Goldman Sachs at 12 months end was a shock to almost everyone. He shall have offered 12-years as Goldman’s CEO, longer than other people except Sidney Weinberg (who retired in 1966), and is one of the longest portion CEOs among today’s major banks.

Blankfein changed Hank Paulson as CEO in 2006, having transformed the firm’s Fixed Income, Money and Commodities department into a trading powerhouse that was Wall Street’s most dominant player arguably. Indeed, trading accounted for 68% of firm-wide revenues in 2006, and 73% of profits. For the securities industry Extraordinarily, this enormous transition and growth was accomplished without any major acquisitions, or dilution of ownership that such acquisitions cause.

The growth was accomplished completely in house, working with that wonderful Goldman Sachs DNA that is both revered and feared throughout Wall structure Street and the town. Blankfein, however, had little time to take pleasure from his and the firm’s achievements. Soon after overtaking from Paulson, he and other experts noticed that increasing housing prices, upon which a boom in home loans and mortgage-backed securities was built, acquired ceased and indeed, reversed direction.

Realizing that this could mean a finish to the increase (or worse) he purchased a reduction in Goldman’s trading inventory, a decrease that was opposed by a few of his trading barons highly. He prevailed in the struggle that ensued, however, which some his counterparts (at Citigroup, Merrill Lynch, and Morgan Stanley) didn’t, and steered Goldman Sachs through the financial meltdown that followed with barely a scratch. Later, however, he previously trouble trying to explain to Congress why the company periodically changes its own exposures to its future outlook, without consulting its trading counterparties that were modifying their own positions. 550 million settlement with the Justice Department for infractions of this sort.

After the financial meltdown of 2007-2008, Goldman Sachs went through a number of regulatory changes that altered its business permanently. After the Lehman failure, the Federal Reserve required Goldman to became a bank holding company, which provided some advantages but many costs and disadvantages as well. Basel III and Dodd-Frank, and their myriad parts and pieces, came into effect imposing vastly increased regulatory compliance costs and greatly limiting the firm’s freedom of maneuver. 1 trillion of assets and was a “systemically important financial institution clearly,” so it had to change its business design to accommodate the new limitations.

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Twelve years after Blankfein’s succession, Goldman’s total income are less than they were in 2006, and for 2017 trading displayed only 37% of earnings, nearly fifty percent of what they then were. It is curious that Blankfein’s retirement announcement should come so to Gary Cohn’s close, his former deputy who left this past year to join the Trump team. So maybe, now having been a king, Lloyd Bankfein, will be content to lay back and become a philosopher, author and philanthropist, as his predecessor, Hank Paulson, and friend Michael Bloomberg did. He’s earned a good rest and some peace and quiet.

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Come reward time, he pompously informs me that he cannot give me a huge bonus since I did not are well as was reported earlier. Hit the pub again. The traveling sucks. Big time! A pal once explained the easiest way to spot an investment banker in the lobby of a five-star hotel is to look for those who look sleepless and harried. If you ever meet an investment banker who says that he/ she adores the visiting, feel absolve to punch him/ her in the face. The very first time you travel, it is nice. The second time too.

Maybe even the 3rd. The fourth time it is tolerable. From then on, it’s a move. You not only have to constantly travel all around the country, you even abroad have to visit. Has anyone seen my social life? The visiting and the absurd working hours ensured that my sociable life was a memory space of days gone by. It dropped in inverse proportion to my salary. Moreover, there was no one interesting in office to hang around with. Actually, the first thing that strike me when I walked into the office on my initial day was the negligible amount of women.

Where were the ladies? Did they not want to be investment bankers? The office was filled with men: all types, the young, the balding, the paunchy relics. So, when my investor friend asked me to his sister’s birthday bash, I jumped at it. Finally, I cornered a nice girl. Obviously, she had no idea who (or what) an investment banker is. Later, I was later told this is one of the worst pick-up lines in the global world. After a fairly disastrous attempt at polite conversation, I was kind of relieved my pal sauntered to join us over. Why do I take this working job? Does that mean I quit? Right now, I am on the sabbatical in Spain. Will I go back? I believe so (never have determined what else to do). After all, the paycheck gives me purpose and the reward accocunts for for the crap.