David M. Solomon

David Solomon
Born David Michael Solomon
c. 1962
Hartsdale, New York, U.S.
Residence New York City, U.S.
Nationality American
Education Hamilton College
Occupation Investment banker
Salary US$15 million (2018)[1]
Net worth US$580 million (2018)[2]
Title CEO, Goldman Sachs
Term October 2018-
Predecessor Lloyd Blankfein
Spouse(s)
Mary Solomon (m. 1989)
Musical career
Genres
Instruments
Years active 2017–present
Labels Crowd Records
Associated acts
Website soundcloud.com/djdsolmusic

David Michael Solomon (born c. 1962) is an American investment banker who has been the chief executive officer (CEO) of Goldman Sachs since October 2018.[4] Prior to this, he was president and chief operating officer from January 2017 to September 2018, and joint head of the investment banking division from July 2006 to December 2016. In July 2018, Solomon was named CEO, succeeding Lloyd Blankfein as of October 1, 2018 and will become chairman at the end of 2018.[5]

Solomon recreationally produces electronic dance music (EDM) records under the stage name DJ D-Sol (/diː saʊl/dee-saul).[nb 1] He has performed at nightclubs and music festivals around New York, Miami, and The Bahamas.[10][11] He released his debut single, "Don't Stop" with an extended version on Spotify in June 2018.

Early life and career

David Michael Solomon was born circa 1962 in Hartsdale, New York to Jewish parents.[12][13][14] His father, Alan Solomon, was an executive vice president of a small publishing company, and his mother, Sandra, worked as an audiology supervisor.[15] He grew up in Scarsdale, New York where he attended Edgemont Junior-Senior High School and worked at a local Baskin Robbins before working as a camp counselor in New Hampshire.[16][17] He graduated from Hamilton College in Clinton, New York, where he earned a bachelor of arts degree in political science and government.[18] In college he played on the rugby team and chaired his social fraternity, Alpha Delta Phi.[19] After graduating, he applied to Goldman Sachs for a two-year analyst position but was rejected,[20] leading him to apply to Irving Trust, a "graduate school at [a] bank" for Solomon.[20]

Solomon first worked for Irving Trust before working for Drexel Burnham in 1986. At Drexel Burnham he first worked as a commercial paper salesman and transitioned into junk bonds. His exposure to high-yield debt prompted him to join Bear Stearns.[18] At Bear Stearns he was charged with leading the junk bonds division and selling higher-risk bonds.[13] On one occasion, he assisted a struggling movie theater company in Dallas, Texas, to raise money through a "complicated bond transaction".[21]

Goldman Sachs

He worked with a variety of Goldman Sachs managers during the late 1990s which inspired his move to the firm in 1999 to work with their leveraged finance team as a partner, aged 37.[22] His move from Bear Stearns was "shocking" to contemporaries who believed him to be on the "leadership track at Bear".[23] Starting in 2006, he was promoted to and spent the next ten years leading Goldman's investment banking division.[23] In July 2007, he secured the initial public offering (IPO) of LuLulemon Athletica by wearing a maroon blazer and sweatpants, a sampling of the company's clothing to "throw everyone off" in a suit-required meeting.[24] During his time as head, he implemented "year-end compensation roundtables" where he would pepper the executives with questions about their business practices in order to "weed out under-performers".[25] Upon his departure, he was credited with professionalizing the investment banking division and doubling profit margins from 11% to 22% with sales rising by 70%.[25][26] In April 2014, Sheldon Adelson, a client of his from Drexel, offered Solomon operational control over the Las Vegas Sands casinos.[27] Solomon declined the offer because Adelson "wasn’t willing to give up day-to-day control, and [he] didn’t want to be an understudy."[28] After Gary Cohn resigned from Goldman to become the Chief Economic Advisor to Donald Trump, the 45th President of the United States, Solomon was elevated to president and co-chief operating officer along with Harvey Schwartz in December 2016.[12][29]

On March 12, 2018 Goldman announced that Schwartz, the company's co-chief operating officer and president would be resigning, leaving Solomon as the second-in-command.[30] Hours after the announcement, media outlets–both domestic and international–informally designated Solomon as Lloyd Blankfein's sole heir apparent.[27][3][31] During a board meeting on February 21, 2018 Blankfein expressed an interest and preference for Solomon to succeed him.[32][33][34]

Firm employment

Solomon has repeatedly advocated for a reformation of Goldman's company culture.[35] He expressed an interest in lowering the maximum hours worked during normal business days from somewhere near 90 hours a week, to somewhere near 70 to 75 hours a week, when not actively engaged in closing a deal.[36] Prior to assuming the company's presidency, he tracked the hours worked by his subordinates and frequently stepped in to send employees home.[36] In a series of interviews in October 2017, Solomon detailed his advice for students and future employees at Goldman: know how to write and speak publicly, know accounting, and never lose sight of what you are passionate about.[37] Under Solomon's leadership, the bank has increased pay for programmers, loosened dress codes, modernized computer systems, instituted video interviews, and created a "real-time performance review" system for new employees.[38]

Compensation

Despite the company not disclosing his total compensation packages, SEC and IRS filings indicate that Solomon was paid a base salary of US$1.85 million with an award of restricted stock worth about $10 million in January 2015.[39] Solomon received the same salary and compensation package in January 2017 and January 2018.[40][41] It is estimated that Solomon holds 224,030 (0.059%) shares of Goldman Sachs Group (GS) which was valued at $58 million in January 2018.[42]

Political positions

Solomon donated $5,000 to Hillary Clinton and $5,000 to Jeb Bush during the 2016 presidential election.[26]

Philanthropy

Solomon served on Hamilton College's board of trustees from 2005 to 2018.[43] He also serves on the board of directors of the Robin Hood Foundation, a charitable organization which attempts to alleviate problems caused by poverty in New York City.[44]

Music

He recreationally performs monthly gigs as a disc jockey under the stage name "DJ D-Sol" (/diː saʊl/) producing a variety of electronic dance music (EDM).[45][46] He has performed at nightclubs and music festivals around New York, Miami, and the Bahamas.[10] Solomon maintains the Instagram account "@djdsolmusic" to catalogue his exploits as a music producer.[3] On January 9, 2018, he released a remix of Fleetwood Mac's song, "Don't Stop".[47] Hours after its release, the song was played on Sirius XM's BPM: Electronic Dance Music Hits at 9:14 pm EST.[48] Solomon performed a remix of The Pink Panther Theme at a charity event for the opioid epidemic hosted by Hamilton College on April 8, 2018.[49] Under Crowd Records Solomon released his debut single "Don't Stop" with an extended version on Spotify in June 2018.[50][51] The song debuted at No. 39 on Billboard's electronic dance music charts.[20] "Don't Stop" was listed in Spotify's 263,361-follower playlist "Happy Summer Beats".[50] His Spotify profile has 550,000 monthly listeners with his debut single garnering 1.2 million listens.[52] Shortly after his debut release Solomon opened a Soundcloud account where he posts extended musical sets and concert performances.[53]

All music composed by David Solomon (as DJ D-Sol or D-Sol).

No.TitleLyricsProducer(s)Length
1."Don't Stop" (Released: June 1, 2018)Christine McVieDavid Solomon3:07
2."Don't Stop - Extended" (Released: June 1, 2018)Christine McVieDavid Solomon4:24
Total length:7:31

Personal life

Solomon married Mary Elizabeth Solomon (née Coffey) in 1989 when they were both 27 years old in Bernardsville, New Jersey.[15] He has resided in The San Remo on the Upper West Side of Manhattan in New York City from 2002 onward.[54] He listed the apartment for $24 million in May 2016.[54] He purchased a 13,000-square-foot estate in Aspen, Colorado in 2004 for $4 million and listed it for $36 million in July 2016.[55]

In January 2018, Solomon discovered that a personal assistant had stolen around 500 bottles from his rare wine collection, among them, seven from the French estate Domaine de la Romanee-Conti.[56] The personal assistant, Nicolas DeMeyer, was arrested in late January and indicted for the theft of $1.2 million worth of wine.[56][57] DeMeyer committed suicide on October 9, 2018, the morning of a scheduled court appearance.[58]

See also

Notes

  1. ↑ His stage name abbreviates disc jockey without the periods (i.e. 'DJ' as opposed to 'D.J.').[6] When he releases records or remixes songs he is simply credited as D-Sol.[7] His stage name is a portmanteau of his first name and surname.[8][9]

References

  1. ↑ "Form 8-K". www.sec.gov. Retrieved March 16, 2018.
  2. ↑ 4-traders. "David Michael Solomon - Biography". www.4-traders.com. Retrieved November 22, 2017.
  3. 1 2 3 4 5 6 Siegel, Rachel (March 15, 2018). "Meet DJ D-Sol: the electronic music artist who might soon lead Goldman Sachs". Washington Post. ISSN 0190-8286. Retrieved June 1, 2018.
  4. ↑ Segarra, Lisa (October 1, 2018). "New Goldman Sachs CEO David Solomon Has a Big Goal: Hire More Women". Fortune. Retrieved October 1, 2018.
  5. ↑ "Goldman Sachs Ushers In New Era as Solomon Takes CEO Reins". www.bloomberg.com. July 20, 2018. Retrieved July 20, 2018.
  6. ↑ "Goldman Sachs to name DJ D-Sol as next CEO". The FADER. Retrieved June 1, 2018.
  7. ↑ Umoh, Ruth (March 14, 2017). "Goldman Sachs' president has gigs as a DJ around the world". CNBC. Retrieved June 1, 2018.
  8. ↑ Kelly, Kate (March 12, 2017). "The Next Goldman Chief Could Be a Banker Who Moonlights as a D.J." The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  9. ↑ Kelly, Kate (June 13, 2017). "At Goldman, He's David Solomon. At the Club, He's D.J. D-Sol". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  10. 1 2 Kelly, Kate. "At Goldman, He's David Solomon. At the Club, He's D.J. D-Sol". Retrieved July 15, 2017.
  11. ↑ Siegel, Rachel (November 15, 2018). "Meet DJ D-Sol: the electronic music artist who might soon lead Goldman Sachs". Washington Post. ISSN 0190-8286. Retrieved June 1, 2018.
  12. 1 2 Gray, Alistair; McLannahan, Ben; Noonan, Laura (December 14, 2016). "Goldman Sachs shake-up elevates Solomon and Schwartz". Financial Times. Retrieved May 1, 2017.
  13. 1 2 Kelly, Kate (November 22, 2011). "Inside the Race for the Top Job on Wall Street". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  14. ↑ "Stocks". Bloomberg.com. Retrieved June 1, 2018.
  15. 1 2 "Mary E. Coffey Becomes Bride". Retrieved June 1, 2018.
  16. ↑ Kelly, Kate (November 22, 2012). "Inside the Race for the Top Job on Wall Street". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  17. ↑ Hoffman, Liz (November 1, 2018). "The Gamble That Put David Solomon on Top at Goldman Sachs". Wall Street Journal. ISSN 0099-9660. Retrieved June 1, 2018.
  18. 1 2 "David M. Solomon". Milken Institute. Retrieved May 1, 2017.
  19. ↑ Hoffman, Liz (November 15, 2018). "The Gamble That Put David Solomon on Top at Goldman Sachs". Wall Street Journal. ISSN 0099-9660. Retrieved July 20, 2018.
  20. 1 2 3 Cohan, William D. (October 5, 2018). ""You Can't Out-Lloyd Lloyd": At Goldman Sachs, the David Solomon Era Begins with Subtle but Significant Changes". The Hive. Retrieved October 5, 2018. After majoring in political science at Hamilton College, Solomon was rejected by Goldman for a two-year analyst position.
  21. ↑ Kelly, Kate (December 10, 2017). "Inside the Race for the Top Job on Wall Street". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  22. ↑ Kelly, Kate (November 12, 2017). "The Next Goldman Chief Could Be a Banker Who Moonlights as a D.J." The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  23. 1 2 Kelly, Kate (November 22, 2017). "Inside the Race for the Top Job on Wall Street". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  24. ↑ Kelly, Kate (November 3, 2017). "Inside the Race for the Top Job on Wall Street". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  25. 1 2 Hoffman, Liz (November 15, 2017). "The Gamble That Put David Solomon on Top at Goldman Sachs". Wall Street Journal. ISSN 0099-9660. Retrieved June 1, 2018.
  26. 1 2 Meyersohn, Nathaniel. "Goldman Sachs' next CEO is a part-time electronic dance DJ". CNNMoney. Retrieved June 1, 2018.
  27. 1 2 Hoffman, Liz (March 15, 2018). "The Gamble That Put David Solomon on Top at Goldman Sachs". Wall Street Journal. ISSN 0099-9660. Retrieved June 1, 2018.
  28. ↑ Hoffman, Liz (May 15, 2017). "The Gamble That Put David Solomon on Top at Goldman Sachs". Wall Street Journal. ISSN 0099-9660. Retrieved June 1, 2018.
  29. ↑ Hoffman, Liz (December 14, 2016). "Goldman Sachs Names David Solomon, Harvey Schwartz to Succeed Gary Cohn". The Wall Street Journal. Retrieved May 1, 2017.
  30. ↑ "Wall Street's Succession Moment Marks End of the Lloyd & Jamie Show". Bloomberg.com. 2018-03-15. Retrieved June 1, 2018.
  31. ↑ "Goldman Says It Aims to Eventually Have a 50% Female Workforce". Bloomberg.com. March 15, 2018. Retrieved June 1, 2018.
  32. ↑ Kelly, Kate (March 12, 2018). "The Next Goldman Chief Could Be a Banker Who Moonlights as a D.J." The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  33. ↑ Kelly, Kate (November 22, 2018). "Inside the Race for the Top Job on Wall Street". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  34. ↑ "Goldman's Solomon sets out to prove bank's revenue engine can roar..." Reuters. March 10, 2017. Retrieved June 1, 2018.
  35. ↑ Campbell, Dakin (March 10, 2018). "What David Solomon's ascent at Goldman Sachs signals about its future". Business Standard India. Retrieved June 1, 2018.
  36. 1 2 Cohan, William D. "The Next Goldman C.E.O. Is One Woke Dude". The Hive. Retrieved June 1, 2018.
  37. ↑ "3 Tips for Students from D.J. D-Sol (a.k.a. Goldman Sachs Co-COO David Solomon)". Vault. Retrieved June 1, 2018.
  38. ↑ "Goldman Sachs Loves Millennials and Engineers". Bloomberg.com. October 24, 2017. Retrieved June 1, 2018.
  39. ↑ "A Goldman Sachs Executive Was Robbed of $1.2 Million Worth of Wine". Fortune. March 15, 2018. Retrieved June 1, 2018.
  40. ↑ "Goldman says newly promoted COOs and CFO to get same base salary". Reuters. Retrieved June 1, 2018.
  41. ↑ "Form 8-K". www.sec.gov. Retrieved June 1, 2018.
  42. ↑ 4-traders. "David Michael Solomon - Biography". www.4-traders.com. Retrieved June 1, 2018.
  43. ↑ "Board of Trustees". Hamilton College. Retrieved May 1, 2017.
  44. ↑ "Board of Directors". Robin Hood Foundation. Retrieved May 1, 2017.
  45. ↑ Siegel, Rachel (March 15, 2017). "Meet DJ D-Sol: the electronic music artist who might soon lead Goldman Sachs". Washington Post. ISSN 0190-8286. Retrieved June 1, 2018.
  46. ↑ nowthisnews (July 20, 2018). "Goldman Sachs' New CEO is Also a DJ". NowThis. Retrieved July 20, 2018. Goldman Sachs just named an EDM DJ as its new CEO. David Solomon, also commonly known as DJ D-Sol, is the veteran banker and part-time EDM DJ who will be the firm’s next CEO.
  47. ↑ Umoh, Ruth (March 14, 2018). "Goldman Sachs' president has gigs as a DJ around the world". CNBC. Retrieved June 1, 2018.
  48. ↑ "The Likely Next CEO of Goldman Sachs Moonlights as a DJ". Town & Country. 2018-03-12. Retrieved June 1, 2018.
  49. ↑ Ablan, Jennifer. "Goldman CEO's deputy can't stop, won't stop spinning records". U.K. Retrieved April 8, 2018.
  50. 1 2 Hall, Parker (April 15, 2018). "Jam out in style with the 25 best playlists on Spotify". Digital Trends. Retrieved June 12, 2018.
  51. ↑ LLC, Beatport,. "D-Sol - Don't Stop (Extended) [CROWD] :: Beatport". classic.beatport.com. Retrieved June 12, 2018.
  52. ↑ Rushe, Dominic (July 21, 2018). "Goldman Sachs: David Solomon, veteran banker and part-time DJ, named new boss". the Guardian. Retrieved July 21, 2018. His biography on Spotify, where he has 550,509 monthly listeners, reads: “His personal mantra is to never lose sight of what you are passionate about.”
  53. ↑ "Soundcloud: D-Sol". SoundCloud. June 1, 2018. Retrieved June 12, 2018.
  54. 1 2 Solomont, E.B. (May 3, 2016). "Goldman's David Solomon wants $24M for his San Remo pad". The Real Deal. Retrieved May 1, 2017.
  55. ↑ Block, Fang. "Goldman Sachs President Lists Aspen Home for $36M". Retrieved June 1, 2018.
  56. 1 2 "A Goldman Sachs Executive Was Robbed of $1.2 Million Worth of Wine". Fortune. Retrieved June 1, 2018.
  57. ↑ "Assistant Goldman Sachs Exec Stole $1.2M Of French Wine From His Boss' Cellar". The Forward. Retrieved June 1, 2018.
  58. ↑ "How a charming imposter stole $1.2M in rare wine from the CEO of Goldman Sachs". New York Post. 2018-10-13. Retrieved 2018-10-13.
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