Tag: Solomon

David Solomon prepares to reveal himself to Goldman Sachs buyers

Previously this thirty day period, in front of massed rows of Goldman Sachs associates at a controversial private assembly in Miami, main executive David Solomon performed a exceptional mea culpa.

The 4-working day off-web-site celebration, which also showcased a fireside chat with comic Trevor Noah, was Solomon’s probability to clarify the deep reward reductions and occupation cuts that he mentioned he experienced been forced to carry out as the economic climate turned. Solomon’s acceptance of his blunders was welcomed by some of the offended companions in attendance, claimed people today briefed on the party.

The Goldman boss will hope to be as convincing later on this thirty day period when he faces shareholders at the bank’s next-at any time trader day at its 200 West Road headquarters in downtown Manhattan.

Solomon will be seeking to reassure them that he can get team again onside and that a unpleasant slide in income in the fourth quarter does not indicate Goldman is transferring in the completely wrong direction.

Rasmus Lee Hansen, portfolio manager at AllianceBernstein, a best-20 shareholder in Goldman, stated he wanted to hear “a humble presentation” from Solomon that acknowledged issues that have been built, including an expensive wager on shopper banking.

“Now the correct option is to scale back on [the consumer bet] and carry on with the ‘old Goldman’” concentrated on trading, financial investment banking and dealmaking, Hansen reported. “I consider they would get points for that.”

Goldman mentioned it was “looking forward to investor day” and the possibility to “help buyers see the strategic course going forward”.

Line chart of Stock performance in % showing Goldman shares have outperformed the S&P 500 during Solomon's time as CEO

Considering the fact that Solomon took over as main executive in 2018, Goldman has expanded its current market share in its main investment banking and investing business but attempts to diversify the bank’s revenues into more recent, significantly less unstable

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