What the heck is going on at Goldman Sachs
The failure of that strategy has had two effects. First, insiders saw the losses and cost of loan loss reserves in consumer as offsetting outsized gains in other divisions like trading and investment banking. When Goldman Sachs cut the 2022, leaving some top performers feeling short-changed, fingers were pointed at the consumer business.
Second, it has dented Goldman's prestige brand. A firm that has historically been known as the elite of the elite has been criticized for flubbing a push to bank with customers like"The Economist put a fine point on this earlier this year when it ran a cover story titled"The humbling of Goldman Sachs." Goldman insiders were aghast when they saw it. Then there's David Solomon.
That this trait would be held against a CEO in a mercenary, money-obsessed business might seem bizarre to those outside the Wall Street bubble. But Goldman Sachs' historic partnership model has given it a distinct culture, where these kinds of things matter. Then there's Solomon's outside interests. His passion for DJing started out as a quirky hobby, but for some, it's become anAnd Solomon's involvement in luxury real-estate company Discovery Land Company led to some serious column inches in The New York Times, and laterGoldman Sachs has been clear that the average tenure of partners has been going up, and that
is actually at a low. And it's true that Goldman partners have lots of opportunities available to them.
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