Goldman Sachs CEO David Solomon has board's support: Mike Mayo

📆 9/19/2023 7:02 PM
📰 YahooFinanceCA

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Despite speculation from the media about his status, Goldman Sachs CEO David Solomon (GS) isn't going anywhere, according to Wells Fargo Securities Head of U.S. Large-Cap Bank Research Mike Mayo. Following a conversation with Goldman Sachs' lead director Adebayo Ogunlesi, Mayo wrote a note that stated Goldman's CEO is staying, 'no ifs, ands, or buts.' Mayo tells Yahoo Finance Live that when he asked Ogunlesi about Solomon's status, Ogunlesi responded by asking Mayo why he was asking the question. Mayo reports that Ogunlesi then pointed to the company's results, execution, and strategy as reasons why he's not questioning Solomon's status. When it comes to concerns about the bank's reputation, Mayo says Ogunlesi stated that the company's reputation with clients 'remains strong.' Based on the meeting, Mayo says this 'puts a fork in... the CEO issue, or what turns out to be a non-issue.' 'People have been talking in terms of days or moths, but really the question is a matter of years,' Mayo says. Mayo adds that the board is 'super focused' on execution, with succession lower on the priority list. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

The Canadian dollar strengthened to a one-month high against its U.S. counterpart on Monday as investors grew more optimistic about the global economy and ahead of inflation data that could sway the Bank of Canada's interest rate outlook. The loonie was trading 0.3% higher at 1.3488 to the greenback, or 74.14 U.S. cents, after touching its strongest level since Aug. 15, at 1.3472.

The decision will also trigger an unspecified number of layoffs in Canada and the U.S., the Bank of Montreal said. It comes after the company's bad debt provisions more than tripled to $492 million in the quarter ended July 31 compared to a year earlier.

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