Money spinner: Goldman Sachs boss David Solomon is a part time DJ
Goldman Sachs’s boss yesterday admitted that ‘with hindsight you’ll do certain things differently’ as the Wall Street giant reported a sharp fall in quarterly earnings.
Profits fell by 36 per cent to £1.54billion in the third quarter partly thanks to an ill-fated foray into consumer banking.
Now, David Solomon is trying to shift Goldman back to its traditional strengths such as investment banking and trading as well as growing in asset and wealth management.
Meanwhile, it emerged that Solomon, a part-time DJ, had decided to stop playing at major events. A spokesman denied the hobby was a distraction from his work.
The bank is counting the cost of getting out of former ventures. The results included a £415million write down linked to the sale of its home improvement loans division GreenSky.
It also said it had now sold ‘substantially all’ of its loan portfolio under the Marcus retail brand.
Solomon, facing questions during an earnings call about who should carry the can for Goldman’s setbacks, said: ‘The leadership of the firm.’
