David Michael Solomon (born in 1962) is the CEO of Goldman Sachs and the chairman of the board of directors. He has held this post since October of last year. Additionally, he has been the bank’s chief executive officer since January 2019.
President and COO from January 2017 to September 2018, Solomon served as co-head of the investment banking division from July 2006 to December 2016 before becoming CEO in September 2018. On October 1, 2018, Solomon officially succeeded Lloyd Blankfein as CEO and was named chairman following Blankfein’s retirement.
David Solomon (formerly known as DJ D-Sol [nb 1]) is Solomon’s alias for producing electronic dance music (EDM) recordings. The Bahamas, New York City, and Miami are just a few of the cities where he’s appeared on stage.
David Solomon Childhood
The year was about 1962 when David Michael Solomon was born in Hartsdale, New York City. An executive vice president at a small publishing company named Alan Solomon was the father, and an audiologist supervisor named Sandra Solomon was the mother of Alan Solomon, the boy’s biological father.
After graduating from Edgemont Junior-Senior High School in Scarsdale, New York, he worked at a Baskin-Robbins before moving to New Hampshire and working as a camp counselor. A political science and government major, he graduated from Hamilton College in Clinton, New York. He was a member of the university’s rugby team and served as the president of Alpha Delta Phi, a social fraternity. To get a two-year analyst post at Goldman Sachs, he applied to Irving Trust, a “graduate school at (a) bank,” after graduating.
David Solomon Career
In 1986, he joined Drexel Burnham after Irving Trust. He began his career at Drexel Burnham as a commercial paper salesman before moving on to trash bonds. Bear Stearns hired him because of his experience with high-yield loans. He was in charge of the trash bonds division and the sale of riskier bonds at Bear Stearns. He helped a Dallas, Texas, movie theatre firm acquire money through a “complex bond transaction” on one occasion.
Our Chairman & CEO David Solomon on Ukraine: pic.twitter.com/ErtJVqLZ3X
— Goldman Sachs (@GoldmanSachs) March 1, 2022
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David Solomon Citigroup
In 1999, at the age of 37, he joined Goldman Sachs as a partner to work on the firm’s leveraged finance team after working with a range of Goldman Sachs managers in the late 1990s. It was “surprising” to his peers who thought he was on the “leadership track” at Bear Stearns.
He was elevated to the position of head of Goldman’s investment banking division in 2006, a position he held for the next ten years. With his maroon jacket and sweat trousers, he obtained the company’s initial public offering (IPO) in July 2007. He wore the attire to “throw everyone off” during the suit-required meeting.
“Year-end compensation roundtables” were instituted by him in order to “filter out under-performers” during his stint as leader of the organization. His departure was heralded as the catalyst for the professionalization of the investment banking division, which saw profit margins jump from 11% to 22% and sales increase by 70% during his watch.
Solomon was offered operational control of the Las Vegas Sands casinos by Sheldon Adelson, a Drexel Burnham client. “Adelen wasn’t willing to give up day-to-day authority and [he] didn’t want to be an understudy,” Solomon said of Adelson’s offer.
He was paid a base salary of US$1.85 million and received an award of restricted shares worth about $10 million in January 2015, despite Goldman Sachs not disclosing his entire remuneration packages. Solomon was promoted to president and co-chief operating officer in December 2016 after Gary Cohn departed from Goldman to become Donald Trump’s Chief Economic Advisor, then President of the United States.
Students and future employees at Goldman should know how to write and speak in public, be knowledgeable about accounting, and never lose sight of what drives you. During Solomon’s time in charge, the bank has loosened dress standards, upgraded computer systems, initiated video interviews, and implemented a “real-time performance assessment” system for new workers.
David Solomon Networth
As of January 2017 and January 2018, Solomon was paid $11.85 million in salary.
As of January 2018, Solomon had 224,030 (0.059 percent) shares in Goldman Sachs Group (GS) valued at $58 million. Some $27.5 million in compensation will be paid out to Solomon in March 2020. His $2 million salaries was supplemented with a $7.65 million cash bonus on top of that. In addition, he received a long-term incentive payment of $17.85 million.
After the resignation of Schwartz, Goldman’s co-CEO and president, Solomon was named as the company’s second-in-command. Media sources, both local and international, informally labeled Solomon as Lloyd Blankfein’s sole heir apparent within hours of the announcement. Blankfein stated interest and preference for Solomon to succeed him at a board meeting on February 21, 2018. Solomon has long called for Goldman’s business culture to be reformed.
In the event that he isn’t actively engaged in concluding a deal, he showed an interest in lowering the maximum working hours to somewhere between 70 and 75 hours a week. When he was in charge of the company, he kept an eye on the hours worked by his subordinates and frequently intervened to dismiss them.
On October 1, 2018, Solomon was appointed CEO of the company. Goldman Sachs announced in 2021 that it would reduce Solomon’s pay in 2020 by 36% as a result of the bank’s admission due to the 1MDB scandal, causing Goldman to pay nearly $3 billion in October 2020 to government officials in four countries to close an investigation into the work the bank performed for 1MDB…
This year, Solomon was handed a $27.5 million salary package and a $17.5 million package for the following year.
— Goldman Sachs (@GoldmanSachs) November 21, 2019
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David Solomon’s Music
Under the alias “David Solomon,” Solomon is a regular disc jockey who spins a wide range of electronic dance music (EDM). In New York, Miami, and the Bahamas, he’s played in nightclubs and at music festivals of all kinds.
As a music producer, Solomon uses the Instagram account “@davidsolomonmusic” to document his work. He recorded a cover of Fleetwood Mac’s “Don’t Stop” and published it in June of 2018. Sirius XM’s BPM: Electronic Dance Music Hits first played the song in January of that year.
“Happy Summer Beats” on Spotify has 263,361 followers and includes “Don’t Stop.” His debut single has been streamed more than 8 million times and has amassed over half a million weekly listeners on Spotify. Solomon started a SoundCloud account soon after releasing his first album, where he shares extended sets and concert performances.
When he released “Someone Like You” in November of 2020, it climbed to No. 4 on the US Billboard Dance Club Songs chart.
In conjunction with Big Beat/Atlantic Records, Solomon launched Payback Records in December 2018. All of the label’s profits go to help those suffering from addiction, starvation, and the disease COVID-19. Payback Records is the exclusive home of Solomon’s original recordings.
Payback released the single “Break This Habit” featuring Kiko Bun by house DJ Oliver Heldens in partnership with Heldeep Records.