Goldman Sachs chief executive David Solomon is facing an internal backlash and negative publicity but has for now retained the backing of the Wall Street bank’s directors and some of its top shareholders.
Solomon is contending with the most challenging period of his nearly five-year tenure as CEO, with the past 12 months punctuated by falling profits, sagging morale and unflattering press coverage — including a damaging story this month in New York Magazine that asked if he was “too big a jerk” to run the bank.
The brutal profile was one of a series of recent news articles that has highlighted strains inside Goldman following a disappointing bonus round, the departure of several top bankers, and an aversion in some quarters to Solomon’s blunt leadership style.