Lloyd Blankfein on consumer lending
From Goldman Sachs CEO Lloyd Blankfein: Taking to Twitter | Mad Money | CNBC · · CNBC
“The business as it exists today of unsecured lending to individuals is mostly accomplished through credit card balances. And I think as you know, most people get charged interest of 17, 18, 19% or more on their credit card balances. When we do something through Marcus, again we don't have a lot of stores or branch offices, we do things digitally, no fees, get information online and loans are made fairly quickly. Our rates are 3, 4, 500 basis points lower than that, and that serves a real purpose.”
On , Lloyd Blankfein, Former Chairman & Chief Executive Officer at Goldman Sachs, spoke about consumer lending during Goldman Sachs CEO Lloyd Blankfein: Taking to Twitter | Mad Money | CNBC on CNBC.
About Lloyd Blankfein
Lloyd Blankfein released a memoir titled *Streetwise: Getting to and Through Goldman Sachs* in April 2026 and conducted a series of media interviews to promote the book. In these appearances, he discussed his upbringing in public housing in Brooklyn, his experience as an outsider at Harvard, and his rise to become CEO of Goldman Sachs. On the subject of higher education, Blankfein said he believes young people should not skip college to chase money and fame. He also commented on Harvard, stating that governmental scrutiny caused the university to make "course corrections." In multiple interviews, Blankfein argued that the financial system is accumulating risk that could lead to a future crisis. He used the metaphor of "dry tinder" building up on a forest floor, stating that a long period without a major crisis has led to complacency and the overvaluation of private assets. Blankfein said the next crisis would be harder to contain than 2008 because reforms have spread risk beyond the reach of regulators, though he noted that such distributed risk makes the system safer for smaller shocks. He attributed Goldman's survival of the 2008 crisis to its rigorous mark-to-market accounting and risk culture, and stated that if other banks had managed themselves the same way, there would not have been a banking crisis.