Goldman Sachs Group Inc. CEO David Solomon is facing some dissent among its 420 partners at the marquee investment bank, The Wall Street Journal reported Tuesday.
Citing interviews with Goldman Sachs
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executives both by name and on background, the WSJ article said cracks were forming in the vaunted Goldman Sachs partnerships.
Since starting as CEO in 2018, Solomon, 61, has moved to enforce corporate discipline on the “freewheeling structure” of the partnerships, according to the article by AnnaMaria Andriotis.
Points of debate between Solomon and some partners included more oversight, the restructuring of the bank’s alternative investing business — and in the case of one partner in charge of the bank’s trading unit — bonus sizes. Solomon’s time spent as a disc jockey has also drawn criticism as not offering a “good look” for the firm, the article said.
Goldman spokesman Tony Fratto told the newspaper that the differences of opinion is a sign of healthy debate at the firm. “The reality is smart people can have disagreements. It’s normal,” Fratto said in the article.
Meanwhile, people familiar with the firm said Goldman President John Waldron is a top contender to take over the CEO job when Solomon retires, the article said.
A second Goldman spokesperson told MarketWatch that the firm did not have any additional comments.
This post was originally published on Market Watch
