Goldman Sachs is going through a big transformation under David Solomon, the bank’s CEO since 2018, who famously moonlights as an electronic dance music DJ. …
Goldman Sachs is going through a big transformation under David Solomon, the bank’s CEO since 2018, who famously moonlights as an electronic dance music DJ. The Wall Street powerhouse has taken steps to improve its transparency, including the introduction of its first-ever investor day to share internal financial targets in 2020. The firm has also been pushing into new businesses, like consumer banking, credit cards, and wealth management, in an effort to diversify its revenue. Goldman has also been diversifing its physical footprint, opening offices like never before in locations far from the New York City skyline, including Dallas, Tex., and West Palm Beach, Fla. The CEO appears to be sticking to tradition in other ways, however, including by calling workers back to the office five days a week as the coronavirus pandemic lifts. Other large banks, including JPMorgan and Citi, have said they would allow some employees to continue working from home. Here’s a rundown of the must-know news at Goldman, including its return-to-office push, hires and exits, as well as deep dives on its Marcus consumer bank and wealth-management push. Read more:
David Solomon took over in 2018 from long-running CEO LLoyd Blankfein, which has resulted in a new center of gravity when it comes to the power dynamics there.
