Goldman Sachs CEO DJ D-Sol Ditches Controversial Spinning Gig: Shocking Update!
Goldman Sachs CEO, David Solomon, ends his high-profile DJ career to focus on Wall Street, leaving the party scene behind
Lollapalooza will undergo permanent changes as David Solomon, the CEO of Goldman Sachs and a renowned party DJ, has decided to prioritize his Wall Street commitments over high-profile events like those held in South Beach. A representative from the second-largest investment bank has confirmed this to CNN.
According to Tony Fratto, spokesperson for Goldman Sachs, David made the decision to cease public DJing over a year ago due to the excessive attention it garnered. Solomon, also known as DJ D-Sol, started DJing at music festivals and nightclubs a few years back. Solomon, aged 61, mentioned in a Goldman Sachs podcast in 2017 that he had stumbled upon DJing as a hobby and now pursues it purely for enjoyment.
Solomon's hobby of DJing propelled him to the forefront of several prestigious events, such as the 2019 Amazon event and last year's Sports Illustrated Super Bowl party. Adding to his impressive resume, he showcased his talent at Chicago's renowned Lollapalooza music festival last summer, sharing the stage with notable acts like Metallica, Dua Lipa, Doja Cat, and Green Day.
Additionally, his DJ performances have sparked occasional controversy.
Solomon apologized to the board of Goldman Sachs for his involvement in the event, which took place at a crowded Hamptons charity event in July 2020 amidst the Covid-19 pandemic. This performance led to an investigation by the New York State Department of Health due to what was deemed by then-Governor Andrew Cuomo as "egregious social distancing violations."
"The rules were adhered to by the vast majority of the audience, although there were some individuals who violated them and endangered both themselves and others," stated a representative from Goldman Sachs at that moment.
Beyond the booth
Solomon's unconventional pastime probably raised eyebrows among the board members, who may have questioned why he didn't choose a more traditional hobby like golf. However, this is not the primary factor that has landed the Goldman Sachs CEO in trouble of late.
The senior executive, now marking five years in his role, is facing allegations of inadequate leadership, with doubts being raised about his competence in successfully managing the company.
His colleagues have openly questioned his future at the company due to his reported inappropriate language, lack of collaboration with other executives, insistence on returning to the office, and the recent failure of Marcus, Goldman Sachs' consumer online banking product.
Goldman Sachs headquarters, left, in New York, US, on Thursday, July 6, 2023.
Michael Nagle/Bloomberg/Getty Images
Goldman Sachs experiences a significant 58% drop in profits due to a decline in dealmaking. According to Jeffrey Sonnenfeld, the head of Yale School of Management's Chief Executive Leadership Institute, David Solomon, the CEO of Goldman Sachs, is not known for his diplomatic approach. Sonnenfeld also mentions that Solomon's bachelor status might contribute to some social differences.
Solomon ultimately reports to shareholders, the bank's board of directors, and its financial performance. Despite a year-to-date decline of over 8.4%, Goldman Sachs' stock has still increased by approximately 40% since Solomon assumed leadership in 2018.
On Tuesday morning, Goldman Sachs released its third-quarter earnings, surpassing analysts' expectations. The bank reported earnings of $5.47 per share, exceeding the projected $5.31. Additionally, its revenue reached $11.82 billion, surpassing the expected $11.19 billion, according to Refinitiv data.
Profit decreased by 33% compared to the previous year.
Solomon expressed confidence in the significant progress made in implementing strategic priorities, stating that the current efforts pave the way for a stronger foundation in 2024.
