Goldman Sachs CEO David Solomon has decided to step away from his secondary career as a DJ at high-profile events. This decision comes after increasing criticism that his hobby was diverting his attention from his primary role at the Wall Street firm.
According to the report by the Financial Times, Solomon’s DJing pursuits had caused discomfort among some Goldman board members, particularly highlighting his appearance at the 2019 Tomorrowland electronic dance music festival in Belgium and an event in the Hamptons in 2020, which was criticized for violating social distancing rules during the COVID-19 pandemic.
“David hasn’t publicly DJed an event in well over a year, which we have confirmed multiple times in the past. Music was not a distraction from David’s work. The media attention became a distraction,” Goldman Sachs spokesperson Tony Fratto was quoted as saying by The Guardian.
Solomon's last significant DJ performance was in July 2022 at Lollapalooza.
Solomon, who had performed under the stage name DJ-D Sol, had set on his disk jockeying journey more than a decade ago while working on a financing deal for a Las Vegas casino. He had consistently mentioned that the proceeds from his performances were directed towards charities combating addiction.
One of his major achievements, according to the Guardian, was a remix of Whitney Houston's classic song ‘I Wanna Dance With Somebody (Who Loves Me)’. The project was overseen by Larry Mestel's firm, Primary Wave Music, which manages the rights to works by many artists, including Houston. Interestingly, Primary Wave Music is also a client of Goldman Sachs.
Apart from his musical ventures, Solomon has been under scrutiny for his leadership of Goldman Sachs, especially in the wake of challenging times for the firm.
Goldman Sachs recorded its lowest quarterly profit in three years during the second quarter, marked by a decline in earnings, high-profile departures, and scepticism from news outlets questioning Solomon's management of the bank.
Since becoming CEO in 2018, Solomon has attempted to diversify Goldman’s business away from traditional investment banking and trading, focusing on areas such as asset and wealth management. However, the past year has posed significant challenges, leading to a re-evaluation of his extracurricular activities.
(Edited by : Sudarsanan Mani)
First Published: Oct 17, 2023 8:42 PM IST
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