Goldman discloses plan to add veteran of Bank of America and Goldman Sachs to its board as a fresh supporter of CEO David Solomon.
Goldman Sachs Group Inc. Chief Executive David Solomon’s view that the worst may be over for the bank’s deal-making prospects seemed to gain traction on Wednesday after his performance has drawn talk of a potential exit from the marquee financial firm.
Montag is seen as an ally of Goldman CEO Solomon as he refocuses the bank on its core Wall Street deal-making units and asset management, according to a Reuters report that cited people close to the bank. For now, the board continues to back Solomon, the report said.On the down side, workers told The New York Times in 2021 that Montag ran markets and corporate banking at Bank of America with an “iron fist” with some favoritism.
Goldman Sachs’s stock reversed course and rose 1.5% on Wednesday despite missing its second-quarter earnings target after Solomon said he’s seeing signs of an uptick in investment banking and capital-raising as clients adjust to higher interest rates and inflation starts coming down. The stock has also lagged many of its peers, with JPMorgan Chase & Co. JPM up 15.3% for the year, and Morgan Stanley MS up 9.6% so far this year.
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