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Finger-pointing among execs begins at Goldman Sachs

Discuss passing the buck.

With Goldman Sachs in one thing of a pinch, the finger-pointing between high execs has begun — and, unsurprisingly, it has turned nasty nearly instantly.

The Wall Avenue big introduced this week that it might slash jobs with earnings in a droop — and even mentioned that it’s taking away free workplace espresso.

Some c-suite sourpusses say that the corporate below the management of CEO David Solomon is just too centered on flashy executives with “private manufacturers,” somewhat than knuckling all the way down to the great old school arduous work of creating wealthy individuals richer with little or no effort.

Insiders appear to be having a more durable time seeing the enjoyable facet of Solomon’s personal DJing profession as DJ D-Sol now that the financial system is in a spin.

David Solomon DJs
We’re advised that high execs are much less tickled by Solomon’s sideline as a DJ now that the financial system is trying extra grim.
FilmMagic for Sports activities Illustrated

In the meantime there’s a lot grumbling about Solomon’s smooth spot for rock star bankers — for instance Kim Posnett, who has rocketed via the ranks in recent times, and is commonly to be seen talking on panels, attending galas and sitting for interviews, whereas — the (ahem , male, ahem) insiders declare — a lot of her precise offers have fallen flat. (We must always notice that for all her alleged “private branding,” Posnett has all of about 1,500 Instagram followers, so Charli d’Amelio most likely is not sweating it simply but).

The Goldman Sachs HQ
The Wall Avenue big has this week introduced company-wide layoffs.
Getty Photographs

In keeping with the New York Instances, the agency reported second quarter earnings of $2.93 billion, almost half as a lot as the identical quarter final 12 months. The funding division the place Posnett works — although, we hasten so as to add, not simply Posnett works — was accountable for a lot of the downturn, incomes 41% much less at the moment than the earlier 12 months. (We’d be remiss if we did not notice that Goldman Sachs’ government workforce is reportedly round 80% male, so that you’d suppose the quantity crunching know-it-alls over there would work out that if one thing’s amiss, the uncooked information suggests its overwhelmingly prone to be the blokes’ fault.)

Some insiders have even been making a racket as a result of Posnett spent a lot of final week in a set on the US Open as the corporate was getting ready to announce the layoffs, somewhat than, say, at her desk making an attempt to make the stability sheet look a bit extra dew subsequent quarter. (For the file, although, Web page Six has seen a deal or two go down over $15 beers between units out at Arthur Ashe Stadium so let’s not rule out an, er, web revenue from these outings simply but).

A spokesperson referred to as the barbs “baseless gossip.”


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