Goldman Sachs Is at War With Itself

Goldman Sachs CEO David Solomon faces criticism from partners over bonuses, strategy, and DJing while trying to impose discipline on the bank's freewheeling structure in the midst of its biggest overhaul since the financial crisis.

June 14, 2023 . 9:58 AM

1 min read

Goldman Sachs partners criticize CEO David Solomon for spending too much time DJing and for presiding over a money-losing expansion into consumer lending.
The Goldman partnership of about 420 members is not used to corporate discipline and oversight.
Solomon has sparred over bonuses with a partner who leads the bank’s traders and another partner threatened to quit when Solomon restructured the bank’s private-investing businesses.
Goldman’s biggest overhaul since the 2008 financial crisis is underway, with much of the consumer business being jettisoned in favor of an expansion of steady fee-generating businesses such as wealth and asset management.
Goldman partners have long weighed in on the firm’s direction, but tensions have run high among them in the past.