Goldman Sachs chief executive David Solomon has decided to stop DJing at high-profile events following criticism that his hobby created a distraction from his work leading the Wall Street firm, according to people with knowledge
Goldman Sachs chief executive David Solomon has decided to stop DJing at high-profile events. Photo / Getty Images
“Music was not a distraction from David’s work. The media attention became a distraction,” Fratto added.
Solomon’s DJing attracted scrutiny from Goldman’s board of directors, the Financial Times has reported previously. Notably, some were uneasy about his decision in 2019 to perform at Tomorrowland, a Belgian music festival known for heavy drug taking.
Solomon also apologised to Goldman’s board in 2020 after he DJed at a 2020 event in the Hamptons resort area of New York that was criticised for flouting social distancing rules during the Covid-19 pandemic.
Solomon was named chief executive in 2018 and since then has tried to diversify Goldman’s business away from investment banking and trading, and expand in areas such as asset and wealth management that are seen to be less volatile.
![Goldman Sachs chief executive David M Solomon speaks on stage during the Pivot MIA event at South Beach, Miami, in February 2022. Photo / Alexander Tamargo Getty Images for Vox Media](https://www.nzherald.co.nz/resizer/v2/SIODOC6VBZDGTI7HEN3UB6DHHU.jpg?auth=7d1df672feb7b14847444accdad8eb7b0b162cfdb23bf3e0d21ccd1115634c7c&width=16&height=11&quality=70&smart=true)
But the past year or so has marked the most challenging period for Goldman since Solomon took over, characterised by a fall in earnings, a number of high-profile departures and a series of news articles that questioned his running of the bank.
In the second quarter, Goldman recorded its lowest quarterly profit in three years, as a costly retreat from consumer banking was compounded by the industry-wide slowdown in deals and trading. Goldman reports third-quarter earnings on Tuesday.
Solomon’s interest in DJing — an unusual pastime for Wall Street — started more than a decade ago when he was working on a financing deal for a Las Vegas casino. He has said that proceeds from his performances have gone towards charities combating addiction.
He originally performed under the stage name DJ-D Sol, a moniker that became a big part of his public persona.
During a cameo in an episode of the US TV show Billions in 2020, fictional hedge fund titan Bobby Axelrod, played by actor Damian Lewis, referred to Solomon as DJ-D Sol. Solomon later changed his stage name to David Solomon.
While few colleagues remarked on Solomon’s hobby before he became chief executive, his decision to keep it up after taking over the bank was controversial for some employees, who felt it brought unwelcome attention. This was partly through the highly visible nature of the performances, Spotify playlists and Instagram posts that came with it.
Written by: Joshua Franklin in New York and Harriet Agnew in London
© Financial Times