Goldman Sachs Names New CEO As It Targets Main Street Growth

18 Juillet, 2018, 13:25 | Auteur: Auguste Feret
  • David Solomon who is a semi-professional DJ with the rapper Sean Combs

A former Bear Stearns banker who joined Goldman in 1999, Solomon worked for a decade as co-head of investment banking at Goldman prior to being tapped as co-president in December 2016. We found out that when he's not helping steer the direction of one of the world's largest investment banks, he serves as an electronic dance DJ under the name "DJ D-Sol", with gigs in New York, Miami and the Bahamas.

Goldman Sachs named David Solomon its new chief executive Tuesday, implementing a much-telegraphed succession plan as it expands beyond its Wall Street roots to the broader consumer market. "He's preached that regularly to younger employees in the firm and tries to lead by example". Goldman Sachs beat analyst estimates, but that's par for the course, as the "whisper number", what the Street thinks the company will really earn, is usually well ahead of consensus.

That's not the only issue though. Keefe, Bruyette & Woods' Brian Kleinhanzl reiterated a Market Perform rating and $260 price target on the shares today, writing that while Goldman Sachs notched a sales-driven beat, total trading revenue missed his expectations, and the beat was fueled by "revenue items that may not run-rate", i.e. may not be extrapolated into the future.

Mr Solomon even has his own record out
Mr Solomon even has his own record out

With Blankfein's departure, Jamie Dimon at JPMorgan Chase is the last remaining chief executive still at a big Wall Street bank from that pre-crisis period.

Blankfein guided Goldman for 12 years, leading the company to record earnings.

Goldman Sachs made the announcement alongside the release of its second quarter results, which showed profits rising 44% to $2.3billion (£1.75bn) compared with a year earlier. It then acquired a personal finance application in March, and reportedly is developing a credit card with Apple that carry the iPhone maker's digital wallet logo.

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