Low morale and dislike of leadership has burst into open after period of brutal press coverage
email rounding up the latestGoldman 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.
The dissent in the ranks and media coverage is expected to be discussed at a board meeting next month, according to a person briefed on the matter. Solomon chairs Goldman’s 13-person board of directors. One person who speaks to several of its members described them as “by and large a patient group”. The shareholder jokingly compared the employee rebellion to the Sendero Luminoso — the Maoist guerrilla group that terrorised Peru for decades before fading away — and predicted it “makes a lot of noise [and] peters out eventually, assuming the bank continues to perform solidly”.
Their backing is a reflection of Solomon’s efforts to court investors in a sharp break with the strategy of his predecessors, who were criticised for an opaque approach not befitting a large public company. This has included hosting the bank’s firstThe second shareholder was forgiving of what is widely seen as Solomon’s biggest strategic mistake — an ill-fated foray into retail banking that started under previous CEO Lloyd Blankfein.
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