Goldman Sachs' employees rage at 'influencer' bankers favored by CEO
Goldman Sachs’ employees rage at ‘influencer’ bankers favored by DJ-ing CEO David Solomon who’s more concerned with their ‘personal brands’ than making money – as Wall Street giant plans to cut hundreds of jobs
- Goldman Sachs CEO David Solomon has reportedly been favoring ‘influencer’ bankers that puff up their ‘personal brands,’ angering other employees
- One such banker is Kim Posnett, an executive who is not afraid to post widely on social media and frequently attends panels and galas
- Posnett joined the company in 2005 after attending Wharton School at the University of Pennsylvania
- Posnett has become a favorite despite being part of an investment team that saw a steep drop-off in earnings this year
- The company reportedly plans to make cuts as early as next week that will be widespread across the company
Goldman Sachs CEO David Solomon, who moonlights as a DJ playing in clubs around the world, is reportedly playing favorites at his company and has a soft spot for flashy ‘influencer’ bankers as his company readies for cuts.
Despite the company’s profits plummeting recently, Solomon has reportedly shown bias towards bankers who puff up their ‘personal brands,’ appearing at glitzy galas and panels with strong social media followings.
One such banker is Kim Posnett, who has surged through Goldman Sach’s ranks in recent years and currently serves as the Global Head of Investment Banking Services for the company.
Posnett has become a favorite at the banking giant despite being part of an investment team that saw a massive loss of profit during this year’s second quarter, producing 41 percent less profit than the same quarter last year.
Solomon reported earnings of $2.93 billion during that quarter which is a dramatic decrease from the $5.49 billion they made during last year’s second quarter and employee cuts are now looming.
Goldman Sachs CEO David Solomon, right, is reportedly favoriting bankers who puff up their ‘personal brand’ like Kim Posnett, left
Posnett joined the company in 2005, and has quickly proven to be a valuable employee but also puts time into rubbing elbows with celebrities like NBA star Chris Paul, left
Solomon moonlights as a DJ, playing in raucous nightclubs, despite the supposedly toxic work culture at his company where some employees complain of working 98 hour weeks
She frequently appears at galas and panels, and was most recently seen at the US Open where she watched a semifinals match with ‘clients and Goldman Sachs colleagues.’
Posnett joined the company in 2005 after attending Wharton School at the University of Pennsylvania.
The cuts at Goldman Sachs, which could occur as early as next week, come as executives at the company try to reel in some of the extravagant perks their employees had access to.
Solomon axed the free daily car rides the company offered during the pandemic and is also even taking free coffee out of their office.
While the company raised it’s employee dinner stipend from $25 to $30, employees now have to pay for their own breakfast and lunch.
Many of the perks were added during the pandemic to encourage workers to come back into the office, but after sending out a company memo requiring employees to come into the office, executives no longer feel they need to offer the benefits.
Solomon has branded working from home ‘an aberration’ and has frequently encouraged employees to return to the office while jetting around the country playing DJ sets.
In May, Solomon was seen DJing at the BottleRock music festival’s silent disco in Napa Valley, his second year doing so.
He began DJing in 2017 and released a cover of Fleetwood Mac’s ‘Don’t Stop’ in 2018.
He then founded his own label, Payback Records, and has DJ’d alongside the likes of Paul Oakenfold and David Guetta.
Asked by dance magazine EDM.com what the biggest misconception was about dance music, he replied: ‘That it’s only for millennials and Gen Z.’
The financial giant has seen a startling loss of earnings this year, leading to reports of widespread employee cuts that could come as soon as next week
Posnett was at the US Open last week to watch the men’s semifinal, where she said she was meeting with clients
https://www.instagram.com/p/CP04JMfAgKz/
A post shared by David Solomon Music (@davidsolomonmusic)
Solomon has DJd at parties in the Bahamas and Hamptons – where he owns homes – and at a Sports Illustrated Super Bowl party in February at Century Park in Los Angeles, attended by Jeff Bezos.
Earlier this year, Solomon was offered a whopping $30 million bonus alongside COO John Waldron, who was offered $20 million.
Solomon receives an annual base salary of $2 million and a variable compensation of $33 million – 70 percent of which is in the form of goal-based stock compensation or restricted stock units.
Goldman is widely regarded as the most demanding investment bank to work for, but its staff is also among the highest-paid in a famously well-remunerated industry.
Last year junior staff begged to work just 80 hours a week amid complaints ‘inhumane’ expectations were leading to mental health issues.
In March, more than 10 staff in their first year at the company reported working around 98 hours each week, according to posts on eFinancial Careers.
Following the backlash, Goldman Sachs told senior staff to take as many holidays as they want under plans to tackle complaints over its long-hours culture.
Partners and managing directors were informed there will be no cap on the number of paid leave days they can take as part of a new vacation policy.
Critics say the move is a ruse, and that the culture of the bank is so ingrained that few staff will take up the offer, and instead work as hard as ever.
It hopes the plan will improve staff ‘wellbeing and resilience’, providing time off to ‘rest and recharge’.
The ‘flexible vacation’ scheme came into effect from May 1 to allow senior staff ‘to take time off… without a fixed vacation day entitlement’, a memo seen by The Daily Telegraph said.
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