David Solomon under pressure amid partner exodus and stalled share price via IrishTimesBiz
Mon Aug 14 2023 - 11:41
“The guy is up against the wall because he pissed off everyone at the company,” said Dick Bove, a veteran banking analyst. “Solomon does not have a personality which gains the loyalty and respect of his subordinates.” Goldman has long been regarded as Wall Street’s most prestigious investment bank, whose partners have often gone on to build successful second careers. Its alumni include Gary Gensler, the chair of the Securities and Exchange Commission, and Rishi Sunak, the British prime minister. Two of the last three governors of New Jersey and four former Treasury secretaries also worked at Goldman – hence the nickname Government Sachs.
Under Mr Solomon’s tenure, Goldman has suffered a string of indignities. In addition to losing billions on its consumer banking business, its involvement in Silicon Valley Bank’s demise is the subject of government scrutiny. It has taken losses on investments in commercial real estate. And while it is hardly the bank’s fault that mergers and acquisition activity is down, by some metrics Goldman has surrendered its lucrative top spot as the go-to adviser to companies.
At a dinner in July, Bob Steel, a former vice chair of Goldman and former deputy mayor of New York, had some feedback. Steel told Mr Solomon that he was stuck in “quicksand,” and that if he moved, he would get “sucked down,” according to two people with knowledge of the conversation.
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