Criticism of the bank’s boss turns vitriolic
, concerning Goldman Sachs’s patchy performance during his tenure as chief executive. The firm’s foray into consumer banking was setting fire to a chunk of its dwindling profits. Efforts to move into businesses that promised steadier revenues than trading and proprietary investments were coming up short. And all this was producing tension between the firm’s divisions. But it has now become something more brutal: a cacophony of people outlining the myriad ways in which they dislike David Solomon.
His increasingly precarious employment is now the butt of jokes. Steven Starker, a former Goldmanite who founded, a brokerage firm, recently moderated a soiree in the Hamptons, which Gary Cohn, Goldman’s former chief operating officer, and Larry Summers, a former treasury secretary, attended. “If you happen to see him [Mr Cohn] leave early, that means they’re probably calling him because he’s a candidate to be the futureFew think Goldman should be run by a teddy bear.
In Mr Solomon’s defence, the firm’s performance on his watch has been patchy rather than dreadful; more “Goldman Sags” than “Goldman Sucks”. Shareholders who bought Goldman stock on the day he took charge in 2018 have earned a decent annualised return of 10%, worse than those who bought shares in Morgan Stanley, Goldman’s closest rival—but better than those who bought Citigroup.for the past three quarters do reflect some strategic errors.
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