The unstable situation at Goldman Sachs Group, from about 1999 until maybe 2021, is that its partners thought it was a private partnership run for their amusement, while its shareholders thought it was a public corporation run for their enrichment.
“Solomon is contending with the most challenging period of his nearly five-year tenure as CEO, with the past 12 months punctuated by falling profits, sagging morale and unflattering press coverage – including a damaging story this month inBut the board of directors still backs him, and: “That patience has found support among some of the bank’s biggest stockholders. ‘While David may be unpopular [among staff], he’s done a solid job as CEO for the shareholders,’ said one top-10 shareholder.
“When I told him, ‘You got to stick your hand in the candy bowl,’ he just gave me this look like, Why would I do that? How is that productive?′ recalls the banker. The exercise did not succeed in endearing Solomon to the Goldman rank and file. ‘He would stomp around the floors in a really purposeful way, and he’d find the two or three people he knew,’ the banker says. ‘He’d knock on their door, and they would get scared. The whole thing didn’t work.
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