David Solomon - Will This Musician Be Able to Croon Soon "Amazing Grace," That Is, Goldman Sachs Was Lost and Now Is Found?

"Goldman Sachs has lost its way" - Financial Times, February 27, 2023

Influential FT is hard on Goldman Sachs. Today investors probably will be equally harsh when they meet with Goldman Sachs head David Solomon.

Investors have lots to push back on. Obvious is the stock price. Right now it's at about 364 and trending for the year in the 60s. In 2022, the high had been about 397. In 2021 about 410. 

Morgan Stanley has grabbed the spotlight for its performance. Meanwhile, Solomon's strategic positioning is not panning out. That includes the emphasis on dealmaking and trading. As with Morgan Stanley, investors want more focus on asset and wealth management with the more predictable returns. Instead, Solomon continues to focus too much on investment banking which has lost its branding glam and connection with investors. And it is a fact that the guy has no talent in consumer banking. The credit unit was a resource-eating failure.

Pile on that the lack of likability. A flawed leader who is likable might be given more time and more support to turn around a business.

The media centers have made a point of depicting Solomon as locked in himself and seems preoccupied with his music sideline. 

In the best of times, his DJing might have been cute - a light item to feature during an interview with CNBC. In hard times which Goldman Sachs is undergoing, it might be said the financial empire is No Longer Goldman Sachs. It is a very bad time for the corporation. Disappear the presence of the musical whatever. 

The tune Solomon should hope to croon some day is from "Amazing Grace." Goldman Sachs had been lost but, thank the universe, it has been found.

In my intuitive career coaching I instruct clients on the importance of timing. When the business is in turmoil it is wise to embrace a low profile. Take on the collective identity of the team. Those who suck up all the oxygen risk being scapegoats for what negatives are hitting the business. 

In the old days of corporate, boomers will recall, no one, including rank and file employees, was allowed to have a side interest. It was corporate job, family, and community. If on the side you had been operating a Kaplan franchise, you kept that under wraps.

Intuitive career coaching about your present and your next. Shut down the noise from that committee in your head and open to possibility.  In addition, Jane Genova is an award-winning writer on Human Resources issues.

Whether you need guidance or that your organization’s story be told, please make an appointment for a complimentary consultation at janegenova374@gmail.com or text 203-468-8579.

 


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