Goldman chief David Solomon calls time on high-profile DJ gigs

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Goldman chief David Solomon calls time on high-profile DJ gigs

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CEO’s hobby has drawn media attention and scrutiny from Wall Street group’s board of directors

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Joshua Franklin

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Goldman Sachs CEO David Solomon has chosen to cease his DJing activities at high-profile events

In 2020, Solomon apologized to Goldman Sachs' board for DJing at an event in the Hamptons, which was criticized for violating social distancing rules during the Covid-19 pandemic

The most recent noteworthy DJing event involving David Solomon occurred in July 2022 at Lollapalooza, a music festival in Chicago.

In 2022, Goldman Sachs faced significant challenges, with declining earnings, high-profile departures, and critical news articles highlighting the firm's difficulties.

In the second quarter of 2023, Goldman Sachs recorded its lowest quarterly profit in three years, mainly due to difficulties in consumer banking and a broader industry decline in deals and trading.

David Salomon's decision to discontinue DJing was made approximately a year ago due to the unwanted media attention it generated.

David Solomon assumed the role of Goldman Sachs CEO in 2018, with a focus on diversifying the firm's business away from investment banking and trading.

Some board members expressed discomfort over Solomon's decision to perform at Tomorrowland, a Belgian music festival known for its association with heavy drug use

Initially, Goldman Sachs CEO David Solomon's DJing served as a colorful side hustle that softened his public image, but it later became a subject of criticism.

David Solomon's decision stems from concerns that his DJing hobby was creating distractions and criticism regarding his leadership at Goldman Sachs

A Goldman Sachs spokesperson, Tony Fratto, clarified that music itself was not a distraction from David Solomon's work, but the media attention it garnered became a distraction.

Publish date

10

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16

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2023

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12

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00

am

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Financial Times

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https://www.ft.com/content/d11601b5-fba1-4603-acad-eb2ee587a8e3