“Banks Do God’s Work” Says Goldman Sachs’ CEO (NYSE: GS)

Lloyd Blankfein, Goldman Sachs’ current chief executive, commented in an interview with London’s Sunday Times, that banks serve a special “social purpose” and are doing “God’s work.”

During an interview with London’s Sunday Times newspaper, Blankfein said he believed that big profits and bonuses at banks were an indication that the global economy was on a path toward recovery.

Blankfein told the paper, “we help companies to grow by helping them to raise capital. Companies that grow create wealth. This, in turn, allows people to have jobs that create more growth and more wealth. We have a social purpose.”

Goldman Sachs has recently made the news for the size of bonuses that it paid to some of its top employees. The bank posted third-quarter earnings of roughly $3 billion and plans to hand out more than $20 billion in year-end bonuses.

Blankfein told the Sunday Times that Goldman Sachs’ compensation practices were correlated with long-term performance. Blankfein commented, “Others made no money and still paid large bonuses. Some are not around anymore. I wonder why?”

Blankfein added that he understood why people were angry with the bankers’ actions, “I know I could slit my wrists and people would cheer.