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☆ Where Goldman Sachs CEO David Solomon takes the corporate jet
▼ + stars: | 2023-04-24 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +15 min

"The Board fully supports the use of the Goldman Sachs planes for travel, just as it supported the use of private aircraft by previous Goldman Sachs executives," said Tony Fratto, a company spokesman. "Executives at Goldman Sachs have been flying on private aircrafts for decades as it is proven to be the most secure, effective, and cost-efficient solution to meet the extensive travel obligations for CEOs of firms like Goldman Sachs — which is why all of our peer institutions also extensively use private aircraft." John Waldron, president of Goldman Sachs Reuters/Brendan McDermidOccasionally, Solomon and Waldron switch planes, particularly when Waldron flies overseas. Goldman Sachs has a sponsorship deal with pro golfer Patrick Cantlay. "These estimates wildly overstate the cost of such flights to Goldman Sachs and are not an accurate representation," he said.

☆ Goldman Sachs scraps plan to buy a third corporate jet amid scrutiny of CEO's plane use and cost-cutting
▼ + stars: | 2023-03-27 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +5 min

Goldman Sachs had an option to buy a third Gulfstream when it bought two in 2019. Goldman Sachs has decided to scrap a plan to buy a third corporate jet for the company's use, a move that follows scrutiny of the CEO's plane use and a companywide plan to review expenses. The decision means that the company won't exercise an option it received in 2019, when it purchased two other Gulfstream jets: a G280 and a G650ER. Goldman also received an option to purchase a third jet, according to people briefed on the arrangement. Both of Goldman's planes feature simple paint jobs of thin blue and gray stripes running from nose to tail.

☆ More pain for the crypto industry means a chance for startups to pivot
▼ + stars: | 2023-03-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

After an awful 2022 that saw one of the industry's high-profile figures implode, the crypto market is looking for a bounceback. McDermott laid out to Insider's Bianca Chan and Dakin Campbell how tough times for crypto startups mean more realistic valuations and, in some cases, a reevaluation of the business model. Once of the most common critiques I hear about crypto is "It's a solution looking for a problem." The most recent crypto winter could force startups to be a bit more pragmatic about the specific problem they are looking to address. "If you can solve fraud in crypto, you can solve fraud in basically any part of finance," Meier told Insider.

[1/3] The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. The investment bank will outline the path to profit for its Platform Solutions unit, which houses Goldman's transaction banking, credit card and financial technology businesses, it said. It is also considering "strategic alternatives" for its consumer platforms, Solomon said, without specifying what those options would be. Chief Executive David Solomon's performance and his plans for growth will also be scrutinized by investors and analysts. Observers will focus on his plans to decrease Goldman's reliance on trading and investment banking, which can be whipsawed by market volatility.

☆ Goldman Sachs' David Solomon is distracted, says Dartmouth Professor Paul Argenti
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGoldman Sachs' David Solomon is distracted, says Dartmouth Professor Paul ArgentiPaul Argenti, professor of corporate communication at Dartmouth's Tuck School of Business, joins 'Power Lunch' to discuss David Solomon's comments about Goldman Sachs' performance, Goldman's credibility crisis and the need for additional transparency.

☆ Inside Goldman Sachs' annual partners meeting in Miami Beach — from the $1,500-a-night hotel rooms to the majestic oceanfront views
▼ + stars: | 2023-02-09 | by ( Emmalyse Brownstein | Dakin Campbell | ) www.businessinsider.com time to read: +3 min

Goldman Sachs is holding its exclusive annual partners meeting in Miami Beach this week. Goldman Sachs declined Insider's request for comment. The main events are unfolding in the Miami Beach Edition, described as a "luxury boutique design hotel" on its website with 70,000-square-feet of "pristine" beachfront property. Some Goldman partners are also staying at the nearby Faena Hotel Miami Beach, sources said. See below everything we know about this year's Goldman Sachs' partners event in Miami.

☆ A disappointing 2022 has led some Goldman Sachs partners to ask: Is it time for a change at the top?
▼ + stars: | 2023-02-09 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

On tap, we've got stories on why not-so-flashy land is actually the hottest investment on Wall Street, the firms minting money by navigating FTX's bankruptcy, and the coolest houses on Airbnb. It's only February, but the Ides of March might be coming to Goldman Sachs. We've talked at length over how people are looking to pin the blame on Solomon as things have soured at Goldman. Certain issues have been easier to overlook than others, but the bank recently broke a cardinal rule of Wall Street: Don't mess with bankers' compensation. Forget beachfront, the hottest real estate for Wall Street is industrial land.

☆ Goldman employees sometimes helped CEO David Solomon manage his DJ schedule, report says
▼ + stars: | 2023-02-07 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Goldman employees have "sometimes" helped CEO David Solomon manage his DJ schedule in the past, NYT reported. A Goldman spokesperson said that "there are no conflicts of interest" tied to Solomon's DJing. A spokesperson for Goldman told the Times that there is "no economic component" to Solomon's relationship with Mestel. But a Goldman spokesperson told Insider that "there are no conflicts of interest." At the time, a Goldman spokesperson said the trip was was considered to be both a business and a personal expense.

☆ Goldman Sachs cut CEO David Solomon's pay by 30% in 2022. He made only $25 million.
▼ + stars: | 2023-01-27 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +2 min

Goldman Sachs CEO David Solomon took a salary cut in 2022, making just $25 million in compensation. Solomon's annual base salary is $2 million, and he made $23 million in annual variable compensation. Solomon's annual base salary is $2 million, which remains unchanged year-over-year, and he made $23 million in annual variable compensation last year, according to a Securities and Exchange Commission filing. Among some of his notable peers, Solomon's salary for 2022 is the lowest. JPMorgan CEO Jamie Dimon kept his $34.5 million salary, while Morgan Stanley CEO James Gorman took home $31.5 million, a 10% drop from the previous year.

☆ Why wealth management is Goldman Sachs' new 'crown jewel' with dealmaking at a standstill
▼ + stars: | 2023-01-18 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

CEO David Solomon acknowledged that a stronger wealth and asset management business would have helped the bank weather the storm. One of Solomon's three key priorities for Goldman Sachs is growing management fees in the asset and wealth management arm. Solomon touted the potential for its workplace wealth offering Ayco in October, but private wealth management is another opportunity. Of 43 job postings in asset and wealth management based in the US, 15 are within the private wealth unit. The wealth management business also boosts Goldman's other services, as the bank's co-head of asset management Julian Salisbury said in September.

☆ The top stories in the world of banking in 2022
▼ + stars: | 2022-12-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

While 2022 wasn't a banner year for banks, it also wasn't a complete disaster. Will Nance, Neena Bitritto-Garg, Corinne Blanchard, and Michael Elias Goldman Sachs; Citi; Cowen; Deutsche Bank; Sean Gladwell/Getty; Savanna Durr/Insider1. At Goldman Sachs ID swipes were tracked. But by 2022 the wheels were starting to fall off on CEO David Solomon's consumer ambitions, as first reported by Insider. This fall, Wells Fargo made the decision to move tens of thousands of accounts out of its private bank that had under $5 million.

☆ Goldman insiders are up in arms over David Solomon's plan to slash bonuses. They fear widescale departures and point to the CEO's failed foray into consumer banking.
▼ + stars: | 2022-12-22 | by ( Dakin Campbell | Emmalyse Brownstein | ) www.businessinsider.com time to read: +11 min

Some are pointing the finger at CEO David Solomon and his spending on the consumer banking business. "Out of control" spendingGoldman insiders are also still fuming over spending on Goldman's consumer business, and there are fears this resentment could escalate with next month's earnings. The consumer bank includes Marcus, a digital banking platform that offers high-yield savings accounts, and the Apple credit card. It was key to Solomon's plan to diversify the company away from its core investment banking business. Goldman pulled back on its consumer banking ambitions earlier this year amid questions about how much cash was being burned on the strategy, led by Stephanie Cohen.

☆ Warehouses and employers like Amazon bring new jobs and higher wages for some blue-collar workers, but they can be hard on cities — and on the human body
▼ + stars: | 2022-10-23 | by ( Matt Turner | Jordan Parker Erb | Hallam Bullock | ) www.businessinsider.com time to read: +4 min

Hi, I'm Matt Turner, the editor in chief of business at Insider. On the agenda today:But first: This week, Insider launched an ambitious new package, Warehouse Nation, which investigates how the warehousing boom has shaped the US. Deputy editor Jake Swearingen is here to take us inside the project. Kathy Willens/AP PhotoThe US economy's post-pandemic party is over, so get ready to endure the mother of all hangovers. We outlined the winners and losers in Solomon's latest reorg, and what that might mean for the bank's future performance.

☆ Goldman plans major overhaul to combine key units -source
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +4 min

Oct 16 (Reuters) - Goldman Sachs (GS.N) is planning a major reorganization to combine its biggest businesses into three divisions with its storied investment banking and trading businesses being merged into a single unit, a source familiar with the matter told Reuters. It would mean CEO David Solomon's ambition to build a mass-market digital bank via consumer banking unit Marcus will take a backseat. The combined investment banking and trading group will be overseen by Dan Dees and Jim Esposito, who are currently global co-heads of Goldman's investment banking, and Ashok Varadhan, now co-head of its global markets division, according to a report from Bloomberg. Goldman reported a 48% slump in second-quarter profit, which beat forecasts due to gains in fixed-income and commodities trading. But the consumer banking unit, launched in 2016, is still struggling to gain traction, and will be brought into asset and wealth management.

☆ Goldman plans major overhaul, to combine investment banking and trading -WSJ
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +4 min

Oct 16 (Reuters) - Goldman Sachs (GS.N) is planning a major reorganization as part of which its storied investment banking and trading businesses will be combined, while consumer banking will be absorbed by its wealth unit, the Wall Street Journal reported on Sunday. The move comes as the Wall Street titan has sought to cut its reliance on volatile trading and investment banking revenues by boosting its fee-based businesses. It would mean CEO David Solomon's ambition to build a mass-market digital bank via consumer banking unit Marcus will take a backseat. Goldman will combine the investment banking and trading businesses into one unit, while merging asset and wealth management into another, the report said. But the consumer banking unit, launched in 2016, is still struggling to gain traction, and will be brought into asset and wealth management.

☆ Who's up and who's down in the latest Goldman Sachs restructuring under CEO David Solomon
▼ + stars: | 2022-10-17 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +9 min

And he will also oversee a wealth management business that is now going to include portions of the consumer business, but wrapped in a wealth management offering. Both, according to Bloomberg's reporting, are being demoted to senior positions within Nachmann's asset and wealth management division. Stephanie CohenAnother executive thought by insiders to have lost some of her territory is Stephanie Cohen, the co-head of the consumer and wealth management division. Had Cohen been able to successfully helm the consumer and wealth management division alongside Tucker York, the currently discussed changes wouldn't have been needed, the people said. Cohen's co-head, York, will now return to his prior role of running the bank's successful private wealth management business.

On the agenda today:But first: This week, Insider launched its inaugural Climate Action 30, a prestigious list of leaders working toward climate solutions. Lily Katzman, an associate editor on our Special Projects team, gives us a behind-the-scenes look at the project. InsiderWhen we say climate heroes, the usual suspects — think Greta Thunberg and Al Gore — come to mind. That's where Insider's Climate Action 30 comes into play. ReutersDavid Solomon, Goldman Sachs' CEO, moonlights as an electronic-music DJ, playing high-profile gigs like the Lollapalooza music festival and Tomorrowland, a Belgian music festival.

☆ Goldman Sachs insiders say they are concerned about CEO David Solomon's push to build his personal brand, pointing to staff help for his DJing and use of the firm's planes
▼ + stars: | 2022-09-21 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +15 min

As David Solomon, Goldman Sachs' CEO, was wrapping up a work trip in late July, he boarded the company's Gulfstream G650 for Chicago. His personal account cites his role as Goldman Sachs' CEO, while his official Goldman Sachs account links to his personal account. As CEO, Solomon has overseen the firm's first investor day, launched a strategic update, and reaped record revenue of $59.3 billion in 2021. The Goldman representative disputed that characterization, saying the number of executive TV appearances has more than doubled over the past year. A Goldman representative said that Payback is run by music-industry consultants and that no Goldman Sachs resources are used for the platform.

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