Why is David Solomon such an asshole?
He let go of all of Lloyd Blankfein’s leadership team. Put in his own leadership team, and half those guys all left him.
Then this cheap fuck has done nothing to compensate all those GS analysts even after they exposed the hours of his company and the current banking industry. What kind of leadership is this?
"Solomon's Results
Analysts credit the CEO for keeping a grip on pay as revenue surged
Source: Bloomberg, company filings
Note: Solomon's tenure as CEO began October 2018
More than 70% of analysts covering the stock recommend investors buy it -- the strongest endorsement in 10 years. When Solomon announced full-year results in January, some of those analysts were particularly impressed with the restraint he showed in managing expenses, keeping a lid on employee compensation after the banner year.
Just days before disclosing the numbers, Solomon set out for the first of his spree of weekly getaways. On a Thursday morning, the CEO stepped on to the company’s G-VI on its way to the Caribbean. He celebrated his 59th birthday at an exclusive enclave, surrounded by family, associates and the Barbuda oceanfront’s blush-pink sands"
because the stock price has nearly doubled in roughly a year. He can do whatever he wants so long as it continues to go up because shareholders love him. Therefore he dgaf if he's a jerk to employees. That's what most of you AN1's don't seem to understand..
Going to second the above point. If you're the CEO of a publicly traded company, the sole thing that matters is the improvement of stock price. Shareholders will be happy, which means that people will tell the CEO that he is doing a good job.
If being terrible to your employees improves share price, shareholders will reward the CEO for his actions. Now Solomon probably is not intentionally trying to be bad to his staff or act cruelly (he's not actively trying to make things as absolutely horrible as possible, but that does not mean that working for Goldman Sachs right now is good, in fact by most accounts it's awful), but seeing that his company's share price is improving, there is probably little real pressure on Solomon to create any real positive change.
The upswing on the stock price certainly helps him a crap ton. No doubt people seriously dislike the guy, I mean so many top bankers have left GS in the past 6 months, even Lemkau
That's what happens when you let the banker take over and punt the traders. He knows the core of the business is their brand now and not "necessarily" the people anymore. He is running it like any other F500 and secretly using the jet. More and more top heavy, no one else needs to get paid.
That said every bank out there is again claiming "trading revenues were a one off...we can't do this again focus on our new super cool fintech idea"
Why do you think so many of his direct reports left. Both the ones who used to report to Lloyd, and even the ones that David directly promoted to take their place
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