Instead of slinking away quietly so he wouldn’t be seen as a slacker, he went up to Solomon, said hello, and earned his wrath. Then there are what appear to be more self-inflicted wounds: A recent Bloomberg story about Solomon’s trips on the new Goldman private jet to the Bahamas, which included the nugget about how he criticized a younger Goldman banker who was at the same Hamptons restaurant as he was during the workday. As Charles de Gaulle said, “The graveyards are filled with indispensable men.” Goldman also has a deep bench, as they say, so none of the departures are fatal. Some turnover in the top ranks at Goldman has always been a thing-and it’s not just at Goldman of course-but losing this much senior talent in a relatively short period of time feels unusual, although nothing like the mass exodus of 1994, when more than 40 Goldman partners left the firm. Other recent departures include Karen Seymour, the general counsel Omer Ismail, the head of Marcus, Goldman’s online banking business and Eric Lane, the cohead of asset management. Lemkau went to work for Michael Dell, the billionaire computer entrepreneur and investor. During the past few months, several of his most senior executives have quit, including Gregg Lemkau, a cohead of investment banking and someone thought of as a possible successor to Solomon. There seem to be problems most everywhere he looks. The company has a market value of nearly $125 billion these days.īut instead of taking victory laps, Solomon seems stuck in a game of perpetual whack-a-mole. It managed to settle the nettlesome 1MDB scandal for $2.9 billion and its stock continues to trade at or near its all-time high, and has more than doubled in the last year. The year 2020 was one of the 152-year-old firm’s best, with net earnings of nearly $9.5 billion. You would think that Goldman Sachs and David Solomon, its CEO since 2018, would be hitting on all cylinders.
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