There have been significant push-backs against regulation across industries, but Goldman Sachs’ CEO Lloyd Blankfein has taken a rather neutral stance in the debate.
Regulation “is like background noise. It’s like music. You ask me how much time do I spend with music, a lot of time, but I’m doing other things at the same time,”
Blankfein told Bloomberg’ Stephanie Ruhle in an interview, adding that he wouldn’t call regulation oppressive, per se.
“It affects almost everything we do. I can’t think about our technology spend without thinking of the number of heads I have to hire to build the systems to comply with the new regulatory reporting functions. So it is a fact of life, but no choice, no problem. It’s something that we have to deal with,” he added.
In other words, you won’t hear him complaining about regulation (at least not to the media). Ruhle brought that up by mentioning JP Morgan CEO Jamie Dimon, who has been outspoken about his feeling that post-financial crisis regulation can overreach and hurt business.
Blankfein simple responded: “I’m not Jamie Dimon.”
Regulation’s also become a touchy issue in the financial advisory industry where coalitions have been popping up stating that “there are insufficient regulations for financial planners and members of the public are the ones being hurt because of it.”
Aka: regulators say that financial advisers keep scamming clients who aren’t well-versed in the finance game — and that needs to be stopped.
You can watch Lloyd Blankfein’s whole interview with Bloomberg below: