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(The Week)   Goldman Sached   ( divider line
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1541 clicks; posted to Business » on 06 Feb 2023 at 5:25 AM (7 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook

9 Comments     (+0 »)
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2023-02-06 7:00:14 AM  
They may have recently lost billions in the consumer loan market, but made a lot more in the run up to 2008 and bailout after.  Plus not one executive went to prison.
But that was a long time ago, and there are bragging rights at the club house to think about.
2023-02-06 7:34:28 AM  
Goldman Sachs this week slashed the pay of its CEO, David Solomon, sending a message that the high-profile chief is "just another member of the team,"...

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"The Wall Street bank's move to cut Solomon's pay by a third, to $25 million..."

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2023-02-06 7:35:17 AM  
It's losing it's edge from to the banks from France and from London, but it was there
2023-02-06 7:53:34 AM  
Oh how will he manage to get by on such a pittance? Maybe we should start a GoFundMe for him?
2023-02-06 8:07:35 AM  
My theory is that the board might decide to get rid of him. But don't you worry, David will get his golden parachute. This will free him to do what he really wants to and DJ D Sol will be the finest DJ ever to DJ the Hamptons.
2023-02-06 9:01:13 AM  
This is all my fault because I pay off my Apple Card (Goldman Sachs) in full every month.
2023-02-06 11:08:45 AM  
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2023-02-06 11:12:23 AM  
Oh man, you really have to read this article. It's hilarious. Everything that's bizarrely warped and wrong about the financial press and its grip on our sensibilities.
2023-02-06 12:51:03 PM  
David Solomon's entire tenure as CEO of GS has been a mistake.  When GS went public, they still kept the basic shape of a partnership internally and were able to attract and retain talented people in ways that other IBs couldn't.  Mostly this was because their compensation was better but there were also some cultural aspects that made it more attractive.

When Solomon became CEO, he pretty bluntly announced that GS was going to be run like a normal public company that caters to their shareholders rather than their employees.  When you have decided that you're no longer going to be different than your competitors, it shouldn't be a surprise when your employees start jumping ship.  In retrospect, Solomon's entire idea - to explicitly run the business for the benefit shareholders - hasn't benefited the shareholders at all.  This should have been obvious from day 1 but some I guess some people really enjoy destroying value.
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