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☆ Opinion: Why Apple’s iPad ad hit such a nerve
▼ + stars: | 2024-05-10 | by ( Opinion Bill Carter | ) edition.cnn.com time to read: +4 min

Actors, directors, writers and academics expressed outrage at the Apple ad. I liked the sarcasm of screenwriter Ed Solomon’s post on X: “Who needs human life and everything in life that makes it worth living? Sincerely, Apple.”That was not the message Apple intended to convey, was it? Join us on Twitter and FacebookGiven that ongoing uncertainty and trepidation, the Apple ad is not merely tone deaf, it’s stone deaf. 1 hit (perhaps not the greatest example of human creativity, but still) that plays over images of paint cans exploding and musical instruments splintering to dust.

Persons: Bill Carter, Apple, Sonny, Cher, Bill Carter Bill Carter, Tor, “, “ We’ve, Tim Cook, Pete Townsend, Ed Solomon’s, creatives, … Organizations: The New York Times, CNN, HBO, Apple, Tech, Twitter, Facebook

☆ What the Israel-Hamas war means for defense stocks
▼ + stars: | 2023-10-18 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

New York CNN —When war breaks out, defense companies tend to make money. That means aerospace and defense stocks tend to rise during geopolitical unrest. Defense stocks typically rise after military conflicts but soon lose those gains. Following Russia’s invasion of Ukraine, the iShares defense ETF surged by 5%, with Lockheed Martin and Northrop Grumman’s shares jumping about 20%. Goldman Sachs announced third-quarter results on Tuesday morning, reporting earnings of $5.47 per share, which beat the $5.31 expected by analysts.

Persons: Lockheed Martin, Northrop Grumman, ”, Jim Taiclet, “ That’s, JPMorgan Chase, Jamie Dimon, “, ” Sam Stovall, Joe Biden’s, Northrop Grumman’s, Raffi Boyadjian, Goldman Sachs, David Solomon, “ David, Goldman, Tony Fratto, Solomon, DJ, ” Solomon, it’s, Lloyd Blankfein, they’re, Elon Musk’s, Elon Musk, X, Clare Duffy Organizations: CNN Business, Bell, New York CNN, U.S . Aerospace & Defense ETF, Raytheon, Lockheed, Boeing, General Dynamics, Northrop, “, Lockheed Martin Corporation, titans, Hamas, JPMorgan, Defense, XM, Treasury, CNN, Revenue, Twitter Locations: New York, Israel, U.S, Ukraine, Kippur, Kuwait, South Beach, New Zealand, Philippines

☆ David Solomon’s Goldman remix is audibly off-key
▼ + stars: | 2023-10-17 | by ( John Foley | ) www.reuters.com time to read: +4 min

NEW YORK, Oct 17 (Reuters Breakingviews) - Having given up a side-gig in DJ-ing, Goldman Sachs (GS.N) boss David Solomon has one less distraction. Goldman reported a one-third year-on-year drop in earnings on Tuesday, in a quarter riddled with one-off charges. Those included a hit related to buy-now-pay-later lender GreenSky, which Goldman bought only two years ago, and is selling. Absent all that, Goldman would have made a return on equity of just over 10%. Goldman made a 7.1% return on equity in the quarter, on an annualized basis, which would have been 10.2% without one-off charges.

Persons: Goldman Sachs, David Solomon, Goldman, GreenSky, Morgan Stanley, Solomon, Marc Nachmann, Nachmann, Jonathan Guilford, Sharon Lam Organizations: Reuters, JPMorgan, Thomson Locations: tomorrow’s, Basel, GreenSky

☆ DJ D-Sol out! Goldman Sachs CEO David Solomon steps away from controversial spinning gig
▼ + stars: | 2023-10-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

Goldman Sachs chief executive (and noted party DJ) David Solomon will no longer perform at high-profile events, picking Wall Street over South Beach, a representative from the second-largest investment bank confirmed to CNN. Solomon, who performed under the alias DJ D-Sol, began spinning tracks at festivals and in night clubs a few years ago. “David [Solomon] doesn’t work to play diplomat,” Jeffrey Sonnenfeld, who runs Yale School of Management’s Chief Executive Leadership Institute, recently told CNN. And while shares of Goldman Sachs (GS) may be down by more than 8.4% this year, they’re still up by about 40% since he took over in 2018. Goldman Sachs announced third-quarter results on Tuesday morning, reporting earnings of $5.47 per share, which beat the $5.31 expected by analysts.

Persons: Goldman Sachs, David Solomon, “ David, ”, Goldman, Tony Fratto, Solomon, DJ, ” Solomon, Doja, Andrew Cuomo, it’s, Marcus, ” Jeffrey Sonnenfeld, they’re, “ Organizations: New, New York CNN, CNN, New York State Department of Health, Financial, Yale School of Management’s, Leadership Institute, Revenue Locations: New York, South Beach, Dua Lipa

☆ Goldman Sachs warns of hit to third-quarter earnings on deal to offload GreenSky
▼ + stars: | 2023-10-11 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

David Solomon, CEO of Goldman Sachs, during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York on Dec. 6, 2022. Goldman Sachs said Wednesday that it agreed to sell its fintech lending platform GreenSky to a group of investors led by private equity firm Sixth Street. The move is the latest step CEO David Solomon has taken to retrench from his ill-fated push into retail banking. Goldman also sold a wealth management business and was reportedly in talks to offload its Apple Card operations. Read more: Goldman Sachs faces big write down on CEO David Solomon’s ill-fated GreenSky deal

Persons: David Solomon, Goldman Sachs, Goldman, retrench, GreenSky, Solomon, Read, David Solomon’s Organizations: Bloomberg Television, Goldman Sachs Financial Services, Sixth, Apple Card, KKR, Bayview Asset Management Locations: New York, Banc, California

☆ Goldman’s C.E.O. Is Stuck, Without a Clear Lifeline
▼ + stars: | 2023-08-11 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +1 min

Mr. Solomon had not been expecting it. He made it clear to Mr. Solomon that his patience was waning, according to three people briefed on the conversation. Mr. Solomon, politely but firmly, turned Mr. Blankfein down. It has been a slog for Mr. Solomon. It isn’t just Mr. Blankfein who is fed up.

Persons: Lloyd Blankfein, David Solomon, Goldman Sachs, Solomon, Blankfein, Solomon’s, Goldman

☆ US government to pay out $975,000 to settle civil sexual assault case against former senior general
▼ + stars: | 2023-07-13 | by ( Haley Britzky | ) edition.cnn.com time to read: +2 min

CNN —A yearslong court civil suit involving sexual assault allegations against former Vice Chairman of the Joint Chiefs of Staff Gen. John Hyten has been settled for $975,000, according to court records. The sum will be paid out by the US government to Col. Kathryn Spletstoser, who alleged sexual assault and battery against Hyten in 2019. Reached by CNN on Thursday, Hyten said “the settlement is between the government and Col. Spletstoser.” He said he was not involved in negotiations. The Air Force cleared Hyten of the nine allegations of sexual misconduct in 2019 after a criminal investigation by the Air Force Office of Special Investigations. “General Hyten has cooperated with the investigation.

Persons: John Hyten, Kathryn Spletstoser, Hyten, Donald Trump, ”, Spletstoser, Ariel Solomon, “, ” Solomon, ” Hyten Organizations: CNN, Joint Chiefs, Staff, Hyten, Justice, Air Force, Air Force Office, Special Investigations, Pentagon, Court, Central, Central District of, United States, Solomon Law Firm Locations: Spletstoser, Central District, Central District of California

☆ Goldman Sachs faces big writedown on CEO David Solomon’s ill-fated GreenSky deal
▼ + stars: | 2023-06-23 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Goldman Sachs CEO David Solomon speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City. Goldman Sachs is likely to take a large write-down for its 2021 acquisition of fintech lender GreenSky after seeking to unload the business, CNBC has learned. Bids for the installment loan business are coming in well below what Goldman had hoped for, according to people with knowledge of the sale process. Under CEO David Solomon, Goldman bought Atlanta-based GreenSky for $2.24 billion to help accelerate its push into consumer finance. "Everybody's been coming in low, and the Goldman team keeps pushing back, pounding the table about the value of it," said one of the bidders.

Persons: Goldman Sachs, David Solomon, Goldman, Solomon, Warburg Pincus, Everybody's Organizations: Forbes, CNBC, KKR, Apollo Global Management, Sixth Street Partners, Synchrony Bank, Goldman Locations: New York City, Atlanta

☆ Not Just a D.J., Goldman C.E.O. Also Dabbles in Luxury Real Estate
▼ + stars: | 2023-04-24 | by ( Emily Flitter | ) www.nytimes.com time to read: +1 min

On Feb. 28, top executives at Goldman Sachs staged an “investor day” to reassure shareholders that the bank would rebound after a disappointing 2022. More than a decade earlier, Mr. Solomon had purchased a multimillion-dollar beachfront home from the Discovery Land Company, which built and managed Baker’s Bay. Mr. Solomon is not just a Discovery customer. He’s also a part owner of the private company and for years has informally advised its founder — even as Goldman Sachs vied for work with Discovery. Many corporate chief executives, of course, sit on other companies’ boards of directors, but such external commitments are much less common in the heavily regulated banking industry.

☆ Goldman doubles down on the wealthy, as it should
▼ + stars: | 2023-02-28 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +7 min

Instead, he indicated that the wealth business would be a “key driver for growth." One key pillar of that plan is Goldman’s alternative assets business, which includes running buyout, private credit and real-estate investing funds. For example, Goldman plans to take $2 billion in management and other fees from the alternative business next year. Last year, of the $72 billion Goldman raised for alternative, a third of that came from its wealth business. Goldman has dabbled in this now-dubbed “One Goldman” concept before, and gave it significant airtime on Tuesday.

☆ The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast
▼ + stars: | 2023-02-28 | by ( Carter Johnson | Hayley Cuccinello | ) www.businessinsider.com time to read: +2 min

Goldman Sachs held its second-ever Investor Day on Tuesday. Goldman Sachs held its second-ever "Investor Day" on Tuesday, giving shareholders a rare peek under the hood of one of the nation's largest investment banks. But losses across Goldman's consumer businesses have piled up in the three years since Goldman last held an investor day in January 2020. Nonetheless, at least some of the bank's backers aren't going anywhere and maintain their confidence in Goldman Sachs to be, well, Goldman Sachs. Outside the auditorium where the investor day was held — Room 101 within Goldman's headquarters at 200 West Street — one representative of a top-30 Goldman investor enjoyed a complimentary granola bar.

☆ Goldman’s Marcus is a lesson in self-made failure
▼ + stars: | 2023-02-02 | by ( John Foley | ) www.reuters.com time to read: +7 min

Being a consumer bank was a good idea when Goldman’s leaders cooked it up eight years ago. Fast forward to 2023, and consumer banking is still highly lucrative. The practice of working through the night is common in the investment banking division Solomon once headed but rare in consumer banking. For example, Goldman’s engineers had to fight to host consumer banking systems on the cloud rather than on the bank’s own servers. That year, nobody from the consumer bank was promoted to the firm’s prestigious partner level.

☆ Premarket stocks: Here's why you should always wait for the earnings call
▼ + stars: | 2023-01-30 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

We’re currently in the thick of fourth quarter earnings reports, but traders don’t seem to care about how companies fared during the final months of 2022. These slowdowns have been partially factored into stock prices, he said, “but not necessarily in full.”The upside: Market reaction appears to go both ways. Gas prices are surging this month. Gas prices are rocketing higher. Why are gas prices jumping?

☆ CEOs take pay cuts after brutal 2022
▼ + stars: | 2023-01-30 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

The pay cuts are hitting some of America’s best-known and highest-paid bosses, including Apple CEO Tim Cook, Morgan Stanley CEO James Gorman and Goldman Sachs CEO David Solomon. The bank then disclosed on Friday that Solomon’s 2022 pay is being cut by nearly 30%. Goldman Sachs’ profit dropped 49% last year as the slowdown in dealmaking curbed advisory fees. Morgan Stanley CEO James Gorman (left), Apple boss Tim Cook (middle) and Goldman Sachs CEO David Solomon (right) are among the leaders whose pay has been clipped in recent weeks. Tech bosses have received the biggest pay hikes, with the median CEO pay surging by 42.1% in 2021 to $19.1 million, Equilar said.

☆ Goldman Sachs Cut CEO David Solomon’s Pay to $25 Million in 2022
▼ + stars: | 2023-01-27 | by ( Annamaria Andriotis | ) www.wsj.com time to read: 1 min

The pay of Goldman Sachs CEO David Solomon fell more than his Wall Street counterparts. Goldman Sachs Group Inc. Chief Executive David Solomon took a nearly 30% pay cut in 2022. Mr. Solomon received $25 million in total compensation last year, down from $35 million in 2021. His 2022 pay package consisted of a $2 million base salary, a cash bonus of $6.9 million and a $16.1 million stock award that is tied to how well the bank performs in the next few years, Goldman said in a regulatory filing.

☆ Goldman cuts Solomon, and his pay, down to size
▼ + stars: | 2023-01-27 | by ( John Foley | ) www.reuters.com time to read: +2 min

Or at least that is the apparent message Goldman Sachs (GS.N) is trying to send by slashing boss David Solomon’s pay by a third for 2022, to $25 million. Measured by Goldman’s performance last year, Solomon actually did fairly well. Goldman also grew its book value – accounting-speak for shareholders’ claim on the lender – by a respectable 6%. It would have been hard to reward Solomon at a time when employees are feeling the chill, and hot on the heels of 3,200 layoffs. Solomon’s humble pie may taste good to his Goldman colleagues, but it could present a different flavor profile to shareholders.

☆ Goldman Sachs cuts Solomon, and his pay, down to size
▼ + stars: | 2023-01-27 | by ( John Foley | ) www.reuters.com time to read: +2 min

Or at least that is the apparent message Goldman Sachs (GS.N) is trying to send by slashing boss David Solomon’s pay by a third for 2022, to $25 million. Measured by Goldman’s performance last year, Solomon actually did fairly well. Goldman also grew its book value – accounting-speak for shareholders’ claim on the lender – by a respectable 6%. Solomon’s humble pie may taste good to his Goldman colleagues, but it could present a different flavor profile to shareholders. loadingCONTEXT NEWSGoldman Sachs said its board had awarded Chief Executive David Solomon compensation of $25 million for his work in 2022, compared with $35 million the previous year.

☆ Banks’ profit picnic will attract ant invasion
▼ + stars: | 2023-01-12 | by ( John Foley | ) www.reuters.com time to read: +7 min

JPMorgan (JPM.N), Bank of America (BAC.N), Wells Fargo (WFC.N) and Citigroup (C.N) all report fourth-quarter earnings on Friday. The good news is that for the year ahead, rising interest rates twinned with growing loan books should more than make up for sliding investment banking fees. The CFPB squeezed a $3.7 billion settlement from serial miscreant Wells Fargo in December for wrongly levying charges on customers. CONTEXT NEWSJPMorgan, Bank of America, Citigroup and Wells Fargo will report fourth-quarter 2022 earnings on Jan. 13. The CFPB said that Wells Fargo will also allocate over $2 billion in redress to customers.

NEW YORK/ LONDON, Nov 3 (Reuters Breakingviews) - First Boston is an old Wall Street name that’s re-emerging from Credit Suisse (CSGN.S) with some new features. Credit Suisse Chief Executive Ulrich Körner is reshaping the $11 billion group to put some bad years and big losses firmly in the past. Credit Suisse is setting up joint ventures between CS First Boston and the parent’s trading and wealth management businesses, according to a person familiar with the matter. An added complication is that CS First Boston bankers could be getting paid in their own division’s stock, rather than Credit Suisse shares. Michael Klein will step down from the Credit Suisse board of directors to help launch CS First Boston, the bank said.

☆ 8 best vacuums to shop in 2022, according to experts
▼ + stars: | 2022-10-18 | by ( Mili Godio | Mili Godio Is An Associate Reporter For Select On Nbc News. | ) www.nbcnews.com time to read: +18 min

Best bagged upright vacuum: KenmoreThis bagged upright vacuum from Kenmore — a Consumer Reports favorite — is pet-friendly thanks to its powerful inducer motor. Canister vacuums also have fewer moving parts than upright vacuums, which means they typically require less maintenance and fewer repairs. However, canister vacuums can often be more difficult to store due to their hose, wand and bulkier base, she said. UprightUpright vacuums are great for homeowners who have large, wide-open spaces, since they are typically easier to maneuver than canister vacuums. He noted that these models are best for people with smaller spaces to clean, since they’re not as powerful as canister vacuums.

☆ Goldman CEO David Solomon’s latest remix breaks up the bank’s struggling consumer finance business
▼ + stars: | 2022-10-17 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

Goldman Sachs CEO David Solomon is planning his third major corporate reorganization since assuming control of the bank in late 2018, according to people with knowledge of the plan. That division, called Platform Solutions, will house Goldman's nascent digital corporate cash management business, recently acquired fintech GreenSky, and card partnerships with Apple and General Motors , according to the Wall Street Journal, which first reported the reorganization. Solomon has been under pressure this year as broad declines among financial stocks put shares of New York-based Goldman at the second-lowest valuation among big bank peers after perennial laggard Citigroup . That is according to Goldman's price to tangible book value ratio, a key metric followed by bank investors and analysts. That showing has led to rising questions about Solomon's decisions regarding his division heads, as well as internal criticism over Solomon's high-profile hobby as an international music DJ, CNBC and others have reported.

Former Wall Street Journal reporter Jay Solomon poses for a photograph in front of a building in Bethesda, Maryland, U.S., September 28, 2022. REUTERS/Raphael SatterLaw firms Dechert LLP FollowWASHINGTON, Oct 15 (Reuters) - A former Wall Street Journal reporter is accusing a major U.S. law firm of having used mercenary hackers to oust him from his job and ruin his reputation. Azima - who filed his own lawsuit against Dechert on Thursday in New York - did not immediately return a message. read moreSolomon’s suit is the latest in a series of legal actions that follows Reuters’ reporting about hired hackers operating out of India. Reuters has reported that lawyers for Ras Al Khaimah’s investment agency – RAKIA – used the emails to help win a fraud lawsuit filed against Azima in London in 2016.

☆ How Cowen’s golden parachutes landed with a thud
▼ + stars: | 2022-10-07 | by ( John Foley | ) www.reuters.com time to read: +7 min

It's not unusual for executives to have so-called golden parachutes that trigger when their company is sold. Compared with the $400 million TD might have had to pay, that sounds like a bargain. But as a proportion of the overall deal value, Cowen’s executives punch above their weight. So even if Cowen’s top brass have agreed not to open their golden parachutes, they’ll still land at TD with considerable impact. The deal included a renegotiation of the severance packages held by Cowen’s top six executives, including Chief Executive Jeffrey Solomon.

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