There have also been usual bonus disputes.īoth the pace and volume of departures from the firm since Solomon took over have shocked rank-and-file employees. There have been rounds of firings, write-downs and two, top-to-bottom firm-wide reorganizations in less than three years.
While Blankfein was widely respected and sometimes feared, Solomon is neither of those things, they said.ĭozens of rainmakers have left under Solomon’s tenure. Several of the current and former executives point to the fumbling of SVB’s rescue, compounded missteps with Goldman’s consumer bank unit and a litany of high-profile defections as evidence that Solomon has run his course at what used to be the most prestigious and profitable bank on Wall Street. Board Secretary John Rogers, who holds tremendous sway inside the firm as chief of staff and among directors, has lost all confidence in Solomon, these people say. SVB’s collapse is just the latest mishap that has been eroding the board’s faith in Solomon, according to three people familiar with internal discussions who asked not to be identified because they weren’t authorized to speak to the press.
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It was a black eye for Goldman – one in a series of painful episodes under David Solomon, the 61-year-old former head of investment banking who succeeded Lloyd Blankfein as CEO in 2018 and chairman in 2019. “Some say Goldman gave them bad advice,” says another. “A central rule of investment banking is you need to control the process,” says one of them. The bank announced the coming losses before, not after, they had the money in hand. It was a rookie mistake, according to two former Goldman managing directors.
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