The knives are out for Goldman Sachs CEO David Solomon, and this time the people brandishing them aren’t the usual suspects — his junior staffers annoyed that they have to work late or come into the office several times a week.
He joined Goldman in 1999, as a partner no less, because his deal-making chops allowed him to skip layers of management. Still, the grumbling about Solomon is spreading to the managing director and partner class. High-priced Wall Street talent don’t call all the shots at any firm, of course. But Goldman’s MDs and partners have historically been a powerful force when the board decides the fate of current management, which makes Solomon’s hold on his job increasingly precarious as more and more of them defect from his camp.
Goldman, meanwhile, has missed targets in its recent earnings announcements, and more downward surprises could be in store as markets continue to wobble. Bonuses are down, in some places cut in half, albeit from the nosebleed levels of 2021. There’s also a question about Solomon’s allegiance to Goldman’s stand-alone culture. In its 153-year existence, Goldman has operated on the assumption that it would be the acquirer in any major strategic acquisition. Solomon’s experience at Bear, then one of the most transactional places on Wall Street, means he could be looking for a deal and not one that keeps Goldman in charge.
Those “grumbling” are all the freeloaders that want to work from home and get paid. Who got paid to float this piece? GS survived 150 yrs. without them. There are plenty of positions available at LEH. My bet? This is cry-baby propaganda.
Not surprising. Goldman isn’t making big bucks by Goldman standards. Got caught in corruption scandals. (Note: getting caught is the real problem) Bets on Commie China that gone bad. David’s time is most likely coming to end.
I didn't know Bruce Willis also DJ'ed.
PeterRHann1
I feel like the alliteration takes the spotlight off the sacks pun, 7/10
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