• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii

3

Current price of oil as of July 2, 2026

1

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch

2

Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii

3

Current price of oil as of July 2, 2026
FinanceGoldman Sachs Group

As Gary Cohn Resigns, Goldman Sachs Loses its ‘Partner’ in Trump White House

By
Jen Wieczner
Jen Wieczner
Down Arrow Button Icon
By
Jen Wieczner
Jen Wieczner
Down Arrow Button Icon
March 7, 2018, 1:12 PM ET
Add Fortune on Google for similar content.

And then there was one. Goldman Sachs, which had been called “Government Sachs” because of its high number of alumni staffing the White House under multiple presidents, lost one of its last friends in the Trump administration when Gary Cohn resigned Tuesday.

Gary Cohn’s departure as director of the White House National Economic Council leaves Goldman Sachs with just a single former executive advising Donald Trump: Steven Mnuchin, the U.S. Secretary of the Treasury. That’s down from five Goldman Sachs alums who once simultaneously served Trump, including Steve Bannon, Anthony Scaramucci and Dina Powell, as well as Cohn and Mnuchin.

Scaramucci was fired in July after just 10 days as the White House communications director, followed by Bannon’s ouster as Trump’s chief strategist just weeks later. Powell, who stepped down as deputy national security adviser earlier this year, is now reportedly considering going back to work at Goldman.

But Goldman Sachs, which on several occasions has involuntarily hosted protestors outside its New York headquarters demonstrating against the bank’s close ties to Trump, may have now lost its own line to the President’s ear.

As Goldman Sachs stock (GS) fell more than 2% following Cohn’s resignation Tuesday and in early trading Wednesday—somewhat more than the broader market—Lloyd Blankfein, Goldman’s CEO, expressed his sorrow at the departure of someone he has called his “partner,” and one to whom he felt “close.” “Gary Cohn deserves credit for serving his country in a first class way,” Blankfein tweeted. “I’m sure I join many others who are disappointed to see him leave.”

Gary Cohn deserves credit for serving his country in a first class way. I’m sure I join many others who are disappointed to see him leave.

— Lloyd Blankfein (@lloydblankfein) March 6, 2018

Cohn, once presumed to be Blankfein’s successor to lead Goldman Sachs, had also left a void behind at the bank. “Gary Cohn and I have been partners for more than 25 years, so I know better than perhaps anyone that he has the intelligence, commitment, and experience to be successful at any endeavor he undertakes,” Blankfein said in a statement in late 2016 following Cohn’s White House appointment. “We will miss Gary at Goldman Sachs, but I believe the American people and the President-Elect are fortunate that he has chosen to serve his country.”

Indeed, in addition to disagreeing with Trump’s decision to push ahead with broad import tariffs—a move that could trigger a trade war—Cohn reportedly felt underutilized in the White House, and was frustrated that the job wasn’t more intellectually stimulating. Cohn recently told Trump he was “working at like 20% of my capacity,” according to a report Axios, citing White House sources, but “if Trump could put him in a role where he would use 80% or 90% of his brain capacity, he’d stay.”

Cohn’s failure to dissuade Trump from implementing tariffs is also a blow to Goldman Sachs, which could lose business if a trade war ensues. It’s a sign that the bank may have lost influence in Washington. And while Cohn, as top economic adviser, frequently met with corporate CEOs and listened to their concerns as part of his job, Mnuchin may be somewhat less accessible in his Treasury role. After all, Goldman wants to avoid the optics of using its connections to inappropriately sway policy.

“It was a lot easier for me to call Jack Lew [the former Treasury secretary] than it is to call Steve Mnuchin,” Blankfein told Fortune in an interview last year. “It’s in my head to be careful about it and to limit it.”

Representatives for Goldman Sachs did not respond to a request for comment.

Cohn, for his part, hasn’t said what he will do next. “It has been an honor to serve my country and enact pro-growth economic policies to benefit the American people, in particular the passage of historic tax reform,” Cohn said in a statement. “I am grateful to the President for giving me this opportunity and wish him and the Administration great success in the future.”

By early afternoon, Goldman Sachs stock was down slightly over 2% for the day, while the broader stock market had fallen less than 1%.

About the Author
By Jen Wieczner
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Man in a black hat and jacket
InvestingSpace Exploration
Elon Musk can’t sell a single SpaceX share for a year—and then all the locks crack open at once
By Amanda GerutJuly 3, 2026
1 hour ago
Top CD rates today, July 3, 2026: Lock in up to up to 4.40%
Personal FinanceCertificates of Deposit (CDs)
Top CD rates today, July 3, 2026: Lock in up to up to 4.40%
By Glen Luke FlanaganJuly 3, 2026
1 hour ago
The top high-yield savings rates: Up to 4.50% on July 3, 2026
Personal FinanceSavings accounts
The top high-yield savings rates: Up to 4.50% on July 3, 2026
By Glen Luke FlanaganJuly 3, 2026
1 hour ago
t
CryptoWhite House
‘We are in a new era’: Trump’s bombshell $2.2 billion income haul, the ‘Big Player Theory’ and what happens when the president becomes the bubble
By Nick LichtenbergJuly 3, 2026
1 hour ago
Woman sitting in front of her house
SuccessWorld Cup
Airbnb offered $750 to Americans to open up their homes during the World Cup—mostly women took it up and now they’re earning thousands
By Emma BurleighJuly 3, 2026
2 hours ago
Photo: Russian President Vladimir Putin Attends ASEAN-Russia Summit
Energyputin
Russians live with fuel shortages and rationing as Putin insists the war against Ukraine will go on
By The Associated PressJuly 3, 2026
2 hours ago

Most Popular

As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
Big Tech
As Big Tech showers employees with perks to win the talent war, Nvidia built a nearly $5 trillion company by making people pay for their own lunch
By Marco Quiroz-GutierrezJuly 1, 2026
2 days ago
Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii
Success
Mark Zuckerberg feeds his cows macadamia nuts and beer to create the 'highest-quality beef in the world' on his $300 million estate in Hawaii
By Sasha RogelbergJuly 2, 2026
18 hours ago
Current price of oil as of July 2, 2026
Personal Finance
Current price of oil as of July 2, 2026
By Joseph HostetlerJuly 2, 2026
21 hours ago
Americans are escaping the U.S. for New Zealand where house prices have hit a new low—but only wealthy Americans with $3 million spare can invest
Success
Americans are escaping the U.S. for New Zealand where house prices have hit a new low—but only wealthy Americans with $3 million spare can invest
By Emma BurleighJuly 2, 2026
20 hours ago
Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
Success
Today, Emily Blunt is worth $80 million thanks to her Hollywood career—but she actually wanted to be a UN Spanish translator on $80K
By Orianna Rosa RoyleJuly 2, 2026
1 day ago
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
Law
Egg companies made $1.22 billion in profit off a $6 carton — now they’re buying their way out of a price-fixing case with 53 million donated eggs
By Wyatte Grantham-Philips and The Associated PressJuly 2, 2026
17 hours ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.