Lloyd Blankfein on Finding and Training the Best People

Goldman Sachs CEO Lloyd Blankfein spoke about the importance of finding, training and retaining the best people to work in our firm at the 2011 Bank of America Merrill Lynch Banking and Financial Services Investor Conference.

“This is a human business, done person to person," he said, "A client relationship is only as strong as the Goldman Sachs professionals managing that relationship. As a result, the single most important thing we can do to enhance the value of our business is to continue to hire the best and brightest people from around the world."

He went on to give some statistics on our last few years of recruiting and training:

• Almost 300,000 people applied for full-time positions at Goldman Sachs in 2010 and 2011. Since 2001, we have hired more than 40,000 people.
• Nine out of ten people who were offered a job with us accepted even though most had multiple offers.
• This year, we expect to provide 800,000 hours of training to our people—an average of 25 hours per person.

Mr. Blankfein said that recruiting and training are key to our firm's future:

"When I think about the combination of talented, results-oriented individuals and a broad, deep and global client franchise, I am even more confident that when the economy turns—and it will—Goldman Sachs will be in a very strong position to create long-term value for our shareholders."

The speech covered a wide range of other topics, including the future of the economy and the finance industry as a whole. Visit this page to listen to a webcast of his presentation, or to read a transcript of his remarks.

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