Goldman's CEO is stuck. without a clear lifeline
One day in mid-June, Lloyd Blankfein called
David Solomon, CEO of Goldman Sachs Solomon had not been expecting it.
Blankfein, a big Goldman shareholder and
Solomon's predecessor, had lost$50 million since January on his stake because of
the bank sinking stock .He made it clear to Solomon that his patience was
waning according to three people briefed on the more hands-on advice, or even
return to the firm in any capacity that might help, the people said.
However, Goldman's troubles have raised
questions about the future of Solomon's leadership. Even his own friends lament
that his side gig as an amateur DJ has become a needless distraction. Solomon
has also attracted criticism for jet-setting trips, including to private
resorts owned by a company in which he has personally invested
Correction mode
Solomon isn't oblivious to his weak points,
according to his friends and current and former Goldman colleagues, who say the
Goldman chief is aware of and bothered by his unpopularity. He has taken to
asking people inside and outside the firm on how he might address his
behaviour, recognising that it's not just Goldman's partners, former business
that needs correcting.
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