Goldman Sachs named veteran investment banker David M. Solomon their next CEO, putting the former company president in charge of the financial giant as they work to expand past their Wall Street roots.
Solomon’s appointment will end the tenure of Lloyd C. Blankfein, who has run the firm since 2006. According to The Wall Street Journal, Solomon will officially take over as CEO October 1st.
So what’s Solomon’s deal?
The New York Times reports that Solomon’s selection marks a “cultural change” at Goldman…
And that ‘cultural change’ looks a lot like a midlife crisis: Solomon is known for having a variety of outside interests that include yoga, defending his multimillion-dollar rare wine collection from thieves, and, wait for it…
Turning tables under the stage name DJ D-Sol at NY’s local dance clubs once a month. (This is not a joke. We repeat, this is not a joke).
He’s gonna need those soul points after inheriting this train wreck
Goldman has managed to work their way back from near-extinction, but the company still has a long road ahead.
Their once bread-and-butter trading business has fallen behind, and their personal banking push last year will reportedly take years to see returns.
That said, the announcement also came with a promising earnings report: The company’s Q2 earnings have reportedly jumped 51% from a year ago.