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février 22, 2024

Goldman Sachs is going through a massive transformation under CEO David Solomon

Source: businessinsider

Since becoming CEO of Goldman Sachs in 2018, Solomon has been on a mission to transform the Wall Street bank. 

Solomon ?  a techno DJ who previously went by the nickname D-Sol ?  made clear from the get-go that he was intent on modernizing and demystifying the secretive investment bank. In his first few weeks, he launched a company-sponsored Instagram account and a new video series called “Catch-up with David.” He agreed to relax the dress code for certain divisions and made it his mission to diversify the banks’ ranks

By 2019, the bank was planning its first-ever investor day ? part of Solomon’s vow to provide more transparency to shareholders.

But there were other changes that Goldman insiders and alumni didn’t always agree with, including the bank’s money-losing efforts to issue credit cards and other Main Street banking products, which led to the bank’s third restructuring in 2022. As Insider’s Dakin Campbell has reported, some Goldman insiders have also taken issue with Solomon’s leadership style and jet-setting ways, and the bank has seen a higher departure rate among partners than in the past. (See all 200-plus names here.)

Solomon has defended his leadership and efforts to transform the bank. In a recent interview with Goldman alum and reporter Bethany McLean, he called nostalgia over Goldman’s past “fantasyland,” thanks to the tightening of regulatory requirements that have forced it to pull back on some of the riskier investments that used to make it a ton of money. The story notes that the stock has risen under Solomon despite the tougher banking environment, which has won him the support of shareholders and board members alike.

In an effort to explain how Goldman has changed ? and remained the same ? under Solomon, Insider dug into its deep archive of stories to compile a list that helps explain the bank’s current leadership, its culture, what it’s like to work there, and more.

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