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When President Donald Trump barred refugees and travelers from seven majority-Muslim countries from entering the U.S. in on Jan. 27, 2017, Goldman Sachs Group chairman and CEO Lloyd Blankfein reacted with a clear condemnation of the policy.

In a voicemail to all Goldman Sachs employees that was sent on the first business day after the travel ban was announced, Blankfein said, “This is not a policy we support.... Being diverse is not optional; it is what we must be.”

On Tuesday, asked about recent developments in the Trump administration’s policies, Blankfein equivocated. “Watching now is heart-rending and I wouldn’t be on that side,” the Goldman CEO told the Economic Club of New York, “but thank God I’m not there—it’s never right against wrong, good against evil. The issues are always right against right.”

He also said that immigrants had fueled the rise of the far right in Europe. “You admit millions of people into Germany and what happens? The European construct that worked for 60 or 70 years—which arguably ended a pattern of every generation in warfare—that is put at risk by immigrants. Is that right to do?” Leaving toddlers to drown and wash ashore, he added, is also wrong, but “it’s easy to say what you would do when you don’t have to bear the consequences of what you decide.”

If borders were open, he said, developed countries might not be able to accommodate all immigrants. “Now what do you want to do?” he asked rhetorically. “Both sides are right.”

Tuesday’s event may be among Blankfein’s last public appearances as Goldman Sachs’ chairman and CEO. The long-running question of who would succeed Blankfein appeared to be settled in March when The Wall Street Journal reported that Co-Chief Operating Officer David Solomon would take over the top post. Solomon, previously the head of the firm’s investment banking division, served as co-COO with Harvey Schwartz. After learning that he would not succeed Blankfein, Schwartz left the firm.

Blankfein also weighed in on the escalating trade war between the U.S. and China, saying that he didn’t think the two countries were locked in a “suicide pact” that would trigger an economic downturn.

He also said that there were not enough women in senior positions, and that senior executives had to “work harder to change that. Blankfein noted that the bank’s most senior female executive, Securities Division Global Co-Head Isabelle Ealet, is retiring at the end of June.

Goldman’s shares were down 1.3% on Tuesday, as the financial sector also fell. The shares have fallen 3.9% over the last month, while the S&P 500 has risen just over 1%. Things look better over the longer term, however: Goldman has outperformed the S&P 500 by 25 percentage points over the past two years.

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