![<h1>Lloyd Blankfein</h1>
<strong>Chairman and CEO of Goldman Sachs</strong>
When I was put in charge of sales and trading at Goldman's commodities unit [in 1984], it was a big deal for me. My first month on the job, things started going badly in the P&L. When I went in to my boss for help, he asked, "What do you think we should do here?" I wanted to sound totally in control, so I went right into this Chuck Yeager voice -- you know, The Right Stuff. I used my most fake-confident voice, and I gave it my best shot. He said, "Okay, that's a good idea." It was smart of him to ask my opinion instead of telling me what to do. He knew that if my plan worked, I'd feel more confident. If it didn't work, the pressure on me would ease because he had endorsed my idea. Just as I was walking out of his office, he said, "Oh, just one more thing. Why don't you walk to the men's room and throw cold water on your face? You're looking green." So I learned two things: First, it's good to solicit your people's opinions before you give them yours. And second, your people will be very influenced by how you carry yourself under stress.
<em>--2009</em>](https://fortune.com/img-assets/wp-content/uploads/2012/10/120910095733-lloyd-blankfein.jpg?format=webp&w=1440&q=100)
Goldman Sachs (GS) has reported a sharp drop in third-quarter profit, as concerns over a stagnating global economy affected its bond trading revenues.
The investment bank said that net income had fallen to $1.33 billion from $2.14 billion over the same period, a loss of 38%. Earnings per share correspondingly dropped to $2.90 per share from $4.57 per share a year earlier, while revenues dropped to $6.86 billion from $8.39 billion a year ago.
Consensus analyst estimates compiled by Thomson Reuters had the company delivering earnings per share of $2.91 on $7.13 billion in revenue.
CEO Lloyd Blankfein pointed to the global slowdown as a key reason for the company-wide drop in its earning figures. “We experienced lower levels of activity and declining asset prices during the quarter, reflecting renewed concerns about global economic growth,” he said in a statement. As evidence, Goldman Sachs’ fixed income, currency and commodities trading division reported revenues that were 33% lower than the third quarter of last year.
This follows recent announcements from Bank of America and JP Morgan, who both saw an 11% drop in revenues in their FICC trading. The revelation that these trading numbers are lower across Wall Street could also be worthwhile evidence that Dodd-Frank reforms aimed at imposing stricter regulations on banks are paying off, as Fortune detailed recently.
