Goldman CEOs go on to become treasury secretaries, governors, and senators when they leave the job. DJ D-Sol will likely be spinning records when he’s through.
His predecessor Lloyd Blankfein, for one, has not been bashful in privately bashing Solomon for his DJ side hustle; he thinks it cheapens the Goldman brand . Solly, meanwhile, is a refugee from Bear Stearns, a sharp-elbowed investment bank that blew up during the 2008 crisis. He joined Goldman in 1999 but still has the taint of being somewhat of an outsider in Goldman’s cliquish corporate culture.
He botched Blankfein’s ill-fated foray into consumer banking. Goldman got caught flat-footed during last year’s deal drought. Solly scrambled to cut costs and staff dramatically, while Goldman’s stock suffered. Yes, there’s lots of grousing about what I just laid out. Yet none of this is likely to get Solly fired anytime soon, my lawyer source and my sources inside the place tell me.the stock has largely kept track with an on-again, off-again bull market. It’s up around 40% by my calculations, compared to a 50% rise in the S&P.The firm still ranks high in deal-making; its traders are making lots of money.
His knocks: He’s close to Solomon and like DJ D-Sol he’s an investment banker, which makes him suspect with the traders. He’s also an outsider, from Bear Stearns, no less.
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