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☆ 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

☆ 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 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

☆ 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.

☆ 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.

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