Goldman CEO’s Pay Increases by 24% to $31mm, Despite Declining Profits

Worst CEO in Wall St. history enriches himself enormously while the bonus pool was complete dogshit and while the firm falls apart.

Now you know where all that money went. While you were busting your ass, barely sleeping, missing out on social events - and then being way undercompensated and underappreciated, this jackass was flying around the corporate jet to Davos, acting like the tyrant he is, destroying the firm and its reputation. One of the firm’s worst years and this is his reward.

This is bullshit.

 

nothing will change until people stop simping for GS.  you obviously see a lot of opportunity working (and especially leaving) there, but there's a reason you see GS in the headlines consistently for things like insider trading, laundering etc; there's just a higher proportion of win-at-all-costs types who self-select into the banik and would happily backstab you to advance.

 
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Agree with this 100%. Reputation is fading, but obviously takes a long time to lose its luster and people to choose differently. But plenty of just as good options between JPM/MS and several boutiques that don’t have an absolute clown at the top that is truly becoming a stain

Simply compare / contrast Dimon and him

 

100% agree with you. Can’t believe I’m saying this— but if I were starting out I would NOT go to GS; instead, I would go to PJT/JPM/MS. You’ll have essentially the same exit opps (and in some cases better; GS has started to lose its magic touch for exclusive exit opps).

And Dimon is 1000x better than DJ dipshit or whatever they call him.

When I think of Dimon, I think of respectable businessman, patriot, straight shooter, has integrity.

When I think of DJ Dipshit, I think of clown, selfish tyrant who should never have been selected as CEO, stain to GS’ reputation, worst CEO in Wall St. history.

 

pretty bs here in GSAM (lower than last year from what i've been told). also have heard a spectrum of sentiments from friends in IB 

edit: realized i should've been more specific, apologies. heard anything from 10-50% in IBD. i would say only one of the aforementioned friends would be 'top bucket', rest likely mid/upper mid and one definitely lower

 

Serious question: Is Solomon that bad? Besides clowning the DJing and attention whorey behavior, what are the big flaws? Marcus was a miss but not sure how much of that falls on him. M&A and IPO market has been dogshit for everyone, feel like GS' perceived dropoff is moreso do to high expectations than poor performance compared to the field. Again, I agree he comes off as a jackass but am curious why he gets this much hate. 

 

I think it’s just his image at this point due to those eccentricities that people feel don’t align with what a CEO of a marquee bank should appear as, people love to hate tho and so they’ll jump on this

 

My question is how the remuneration committee looked at all his work in 2023 (writedown of retail entry, loss of partners etc.) and thought "yep, give him a payrise!" 

Like... how? I guess when your friend Tom Montag is on the board of directors that DS himself appointed, the answer is clear as day. 

 

Yeah, interesting point. I wonder how he managed to get his board to back him (besides appointing friends like Montag) when a ton of GS partners were up in arms about his shitty management.
 

Interesting case study on corporate governance. Why is the board still supporting him? Why are shareholders still supporting the board? How is he allowed to insulate his position via the board?

 

He's greedy.

He's incompetent.

He's a TERRIBLE musician (if you can even call DJ'ing music)

He's generally emblematic of everything wrong with high finance.

David Solomon has to go. 

PS: I know Goldman employees who feel the exact same way.

 

Solomon is the idiot who pumped consumer into generating billions in losses and Greensky was acquired under his watch. So he’s getting raise to fix things he broke! Thats like an analyst fucking up an analysis that goes to the board, and then getting a top bucket bonus for fixing it after the meeting. Total loser, and does less for the firm than any banking or trading partner (except people who made partner for DEI reasons - of which there are MANY in recent years; I won’t name names but could name many) who actually works their ass off to bring in revenue.

We’ve seen William Blair quickly go down the drain the last few years. It will take Goldman longer to follow the same path, even under the worst management, but on its current path under Solomon, it’s rotting like a deer bitten by a Komodo Dragon. It may not know it’s dead, but without life saving antibiotics, it won’t live much longer.

This idiot is going to go down in history like John Geutfrend (or however you spell the last name) of Salomon Brothers. They had the best people, paid their people below market out of arrogance, made bad investment decisions, people left, and now most people don’t even know what Salomon Brothers is or that it ever existed. Anyone who’s read Liar’s Poker knows this.

 

You’d be surprised… I used to work there and I think most in IBD would agree they exist. I can think of one in TMT who has gotten much further than she should have and pumps her own brand. Another really weak one in consumer.  But you’re right there aren’t a ton in banking, most are in the back office / mid office non-revenue generating federation roles.

 
Controversial

i don’t not need to be surprised. i know exactly how the MD/partner promotion process works at GS and worked at several BBs. working at any big bank is a game of politics. being well known/well liked/the right “fit” is always more important than being GOOD or easy to work with when EVERYONE is “good”, and competing against each other. stop trying to shoot down minorities and women to feel better about yourself or justify why you “deserve” something or someone else doesn’t. it’s never that black and white.

im going in a tangent now. but same thing goes for the talking point in the media by the likes of elon musk/bill ackman and others right now. using DEI as a scapegoat/to punch down is for LOSERS and exclusionary. and will always make you look like a DIPSHIT and often time is just plain false in most high performing arenas. and adds unfair/undue pressure on people who already have hard jobs to do in the first place and EARNED their spot.

as a man, does it suck that there’s fewer spots for me today than 20 years ago because women are championed/prioritized in recruiting. YES. do i give af? NO. because i’m a competitor, talented, and work hard to be great at what i do and also not a whiny b*ch :) rant over.

 

You have proven my point with the following statement: “because women are championed/prioritized in recruiting.” Men are not championed and prioritized, and thus, a lower bar exists for women and a higher bar exists for men. Better men lose to worse women because they aren’t “prioritized.” This is an explicit violation to the Civil Rights Act of 1964.

I too am a competitor, but don’t like playing rigged games. The current setup in the work place is like a pro golf tournament where certain players get to start -5 under par and others have to start at even. Thats not a fair competition and to talk yourself into accepting that is not being competitive and in fact makes you NOT a competitor, because you’re OK with free advantages being handed out to your competition that aren’t afforded to you.

 

The bitter irony is that DEI policies, in and of themselves, add “undue (social) pressure” upon one’s colleagues who belong to XYZ group which materially benefits thereof, which is why these policies are fundamentally far more reductive than they are ‘progressive’ and truly empowering. You’re simply blaming a symptom, the human reaction, while dancing around the cause.

People who truly ‘respect the game’ are more than happy to compete, they live for it. They’re also the first to call a spade a spade, and point out when someone’s got their fingers on the scale, whether it’s familial nepotism, or something like this.

 

The issue is: his pay increases significantly by ~24%, while a) the firm’s profits declined enormously (from a quick Google search, declined by 24%), b) his performance sucked, as demonstrated by i) Greensky failure, ii) consumer banking failure, iii) mass exodus of partners, iv) mass layoffs, v) all the other weird/controversial interactions he’s been a part of (e.g. altercation with Hamilton college students), and vi) while GS employees are mandated back in office 5 days a week, clocking 90-100 hours per week, while getting fucked on bonuses.

This dude is a straight incompetent tyrant clown.

 

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