Goldman CEO David Solomon complains about ‘damaging’ leaks: report

Troubled Goldman Sachs boss David Solomon says frequent media leaks about internal turmoil at Goldman Sachs implementing sweeping cost-cutting measures are ‘damaging the company’s reputation ” he complained.

Solomon voiced its concerns at its annual closed-door summit with nearly 400 Goldman partners in Miami.major meetings were held over several weeks After the Wall Street giant cut 3,200 jobs It’s the biggest job cuts since the Great Recession.

Solomon lashed out at the media leak in response to a question from one of the conference attendees. financial times report. The bank boss reportedly went off script to address the issue, but this was not included in his prepared remarks.

“David pointed out that the leak was damaging the company, and it is.

Solomon reportedly admitted to its partners that it announced job cuts too late. Earnings have been squeezed in recent quarters by factors such as bank Marcus issues.

Mr. Solomon told partners that the cuts would not have been as severe had they acted sooner. His prepared remark lasted about an hour.

“As the environment became more complex in the second quarter of last year, every bone in my body believed that we should be more aggressive in slowing hiring and reducing headcount,” he said. Knowledge of.

A spokesperson for the bank told the outlet, “It would have been unusual not to address the process of layoffs this year.”

Despite Solomon’s concerns, the partner meeting sparked another media leak.

Some partners have grown frustrated with Goldman’s instructions and are discussing ways to involve the bank’s board. reported by an insidercites four sources who spoke with partners.

The report added that disgruntled Goldman partners were “already discussing who could replace Solomon.”

Additionally, some Goldman insiders were said to be upset by Solomon’s “tendency to favor a glamorous life.” including his famous side gigs as a DJ and Affinity for travel on bank-owned private jets.

Insider admits that it is “unclear to what extent this dissatisfaction is widespread” among Goldman’s 400 partners.

“This leadership team has set a clear strategic direction for Goldman Sachs and it is working.We will achieve a return on equity of 10.2% in 2022 and a is growing its book value by 40%,” Goldman Sachs spokesman Tony Flatt told the outlet.

as the post reported, a company insider called the recent round of layoffs “David’s Demolition Day.” The laid off bank employee accused the bank of using unfair tactics to deliver bad news.

Last month the bank revealed that Solomon’s reward is $25 million 2022 — 30% year-on-year decrease.