As leaders of major international investment groups managing billions in assets, CEOs of top global investment banks and asset management firms wield enormous influence in financial markets. Understanding their backgrounds, career paths, compensation and management styles provides useful insights. This article will profile leading CEOs from Goldman Sachs, Morgan Stanley, JPMorgan, Citigroup, UBS and other international investment giants based on publicly available information, highlighting their academic credentials, career trajectories and compensation over the years. There are some common threads among these investment firm CEOs, but also unique aspects of their journeys to the top. For those aspiring to leadership roles in investment, these profiles offer an inside look at the top talent groomed by the world’s leading financial institutions.
Many started as junior bankers or traders before rising to the top
A common starting point for many eventual CEOs of investment giants was as an analyst or associate in investment banking or trading right after undergraduate studies. Lloyd Blankfein of Goldman Sachs began as a precious metals salesman at investment bank J. Aron after graduating from Harvard Law School. James Gorman of Morgan Stanley worked in legal and consulting jobs before beginning as an analyst in Morgan Stanley’s Melbourne office. Citigroup’s Michael Corbat spent his whole career at Citi after graduating from Harvard, beginning as an investment banking analyst. This trajectory from junior roles into senior management is a testament to the talent development programs of top investment banks. However, not all followed the traditional path.
Top degrees from elite universities are the norm
Given the intellectual rigors and complexities of global finance, it’s no surprise CEOs of top investment firms typically hold degrees from the world’s most prestigious institutions. Blankfein has a law degree from Harvard. Gorman holds an MBA from Columbia. Jamie Dimon of JPMorgan has degrees from Tufts and Harvard Business School. UBS CEO Sergio Ermotti has a management degree from Oxford. Examples abound of CEOs with degrees from the likes of Wharton, Stanford, Cambridge, INSEAD and other elite programs. Of course, academic pedigrees alone don’t guarantee success. But for those aspiring to leadership roles in investment, credentials from top universities appear a near-universal prerequisite.
But some reached the top through non-traditional paths
While the typical path to an investment CEO role involves an elite education and starting as a junior investment banker, some reach the top through less conventional trajectories. Ken Griffin, billionaire founder of Citadel, started the hedge fund from his dorm room at Harvard. Tidjane Thiam, former CEO of Credit Suisse, actually began his career in government roles in his native Ivory Coast before joining McKinsey and eventually investment banking. And Bank of America CEO Brian Moynihan has a law degree and spent time in legal roles before transitioning into finance. So while the odds of reaching the CEO’s office at an investment giant are stacked in favor of those with banking/finance backgrounds from top schools, exceptions do occur.
They are among the highest paid executives in finance
Leadership of elite global investment firms comes with mammoth compensation packages. Blankfein made $20 million in 2020 as senior chairman of Goldman Sachs. Gorman earned $33 million in 2020 as CEO of Morgan Stanley. Dimon’s pay topped $31 million in 2020. These sums, while enormous, are actually on the conservative side for investment firm CEOs. Hedge fund chiefs like Citadel’s Ken Griffin or Renaissance Technologies’ Jim Simons earn hundreds of millions or even billions thanks to their funds’ performance fees. While CEOs at banks and traditional asset managers earn less, their pay still dwarfs typical Wall Street salaries. Landing an investment CEO job represents the pinnacle of pay in the finance industry.
They have weathered market crises and economic upheavals
A key attribute of long-tenured investment CEOs like Blankfein and Dimon is navigating their firms through turbulent times. The 2008 financial crisis, European debt crisis, COVID-19 pandemic and other shocks have rocked global markets during their tenures. Maintaining sound leadership and preventing catastrophic losses in the face of severe crises separates the most successful CEOs. Similarly, top investment CEOs must adapt business strategies and models to evolving competitive and technological conditions reshaping finance. The most durable CEOs combine risk management prudence with a willingness to adapt and seize new opportunities amidst constantly changing market environments.
Leading major global investment firms requires elite academics, expertise across markets and asset classes, clairvoyance to handle crises, and supreme people management skills. Examining the journeys of current leaders provides perspectives for aspiring finance professionals on achieving career success. But each CEO chartered their own course based on ability, judgement and opportunity. While few attain such pinnacles, studying how they got there offers insights into excelling in investment roles.