![Robin Hood Veterans Summit Robin Hood Veterans Summit](https://api.time.com/wp-content/uploads/2015/07/120910095733-lloyd-blankfein.jpg?quality=85&w=2400)
Who knew that running one of the world’s most powerful investment banks could be so profitable?
Despite the fact that increased regulation has helped to crimp profits on Wall Street in recent years, shares in Goldman Sachs have doubled in the past three years, gaining enough that the bank’s CEO Lloyd Blankfein has now officially joined the ranks of the billionaire class — he now has a net worth of $1.1 billion, according to Bloomberg News.
Blankfein may, however, be the last investment bank executive to get this rich for some time, as Goldman was the last of the major investment banks to go public. Since Blankfein, the son of a New York postal worker, was a partner at the firm before it went public in 1999, he owns a sizable share of the company, which has more than quadrupled in value since the firm’s IPO.
Blankfein has undergraduate and law degrees from Harvard University. He rose through Goldman’s trading business to clinch the top job at the bank in 2006.
More Must-Reads from TIME
- Welcome to the Noah Lyles Olympics
- Melinda French Gates Is Going It Alone
- What to Do if You Can’t Afford Your Medications
- How to Buy Groceries Without Breaking the Bank
- Sienna Miller Is the Reason to Watch Horizon
- Why So Many Bitcoin Mining Companies Are Pivoting to AI
- The 15 Best Movies to Watch on a Plane
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Contact us at letters@time.com