David M. Solomon

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David Solomon
David Solomon.jpg
Born
David Michael Solomon

1962 (age 58–59)
EducationHamilton College, New York (BA)
TitleChairman and CEO of Goldman Sachs
Chairman of the board of trustees, Hamilton College
TermOctober 2018 –
July 2021 -
PredecessorLloyd Blankfein
Spouse(s)
Mary Solomon
(m. 1989; div. 2018)
[1]
Musical career
GenresEDM[2]
dance pop
electro house
synth-pop
InstrumentsKeyboards
synthesiser
sampler
sequencer
Years active2017–present
LabelsCrowd Records
Big Beat Records
Payback Records
Associated actsPaul Oakenfold
Liquid Todd

David Michael Solomon (born c. 1962) is an American investment banker, and the chief executive officer (CEO) of Goldman Sachs, a position he has held since October 2018. He has also been chairman of the bank since January 2019.[3] Before assuming his role as CEO, Solomon was president and chief operating officer from January 2017 to September 2018, and was joint head of the investment banking division from July 2006 to December 2016. Solomon formally succeeded Lloyd Blankfein, the previous CEO, on October 1, 2018, and was named chairman after Blankfein's retirement.[4]

Solomon also recreationally produces electronic dance music (EDM) records under the stage name "David Solomon" (previously known as DJ D-Sol [nb 1]).[9] He has performed at nightclubs and music festivals around New York, Miami, and The Bahamas.[10][11] He released his debut single, "Don't Stop" with an extended version on Spotify in June 2018.

Early life[edit]

David Michael Solomon was born circa 1962 in Hartsdale, New York. His father, Alan Solomon, was an executive vice president of a small publishing company, and his mother, Sandra, worked as an audiology supervisor.[12] He grew up in Scarsdale, New York where he attended Edgemont Junior-Senior High School and worked at a local Baskin Robbins before working as a camp counselor in New Hampshire.[13][14] He graduated from Hamilton College in Clinton, New York, where he earned a Bachelor of Arts degree in political science and government.[15] In college he played on the rugby team and chaired his social fraternity, Alpha Delta Phi.[16] After graduating, he applied to Goldman Sachs for a two-year analyst position but was rejected,[17] leading him to apply to Irving Trust, a "graduate school at [a] bank".[17]

Career[edit]

After Irving Trust, he went to work for Drexel Burnham in 1986. At Drexel Burnham he first worked as a commercial paper salesman, but later transitioned to junk bonds. His exposure to high-yield debt prompted him to join Bear Stearns.[15] At Bear Stearns he was charged with leading the junk bonds division and selling higher-risk bonds.[18] On one occasion, he assisted a struggling movie theater company in Dallas, Texas, to raise money through a "complicated bond transaction".[19]

Goldman Sachs[edit]

He worked with a variety of Goldman Sachs managers during the late 1990s which inspired his move to the firm in 1999 to work with their leveraged finance team as a partner, aged 37.[20] His move from Bear Stearns was "shocking" to contemporaries who believed him to be on the "leadership track at Bear".[21] Starting in 2006, he was promoted to and spent the next ten years leading Goldman's investment banking division.[21] In July 2007, he secured the initial public offering (IPO) of LuLulemon Athletica wearing a maroon blazer and sweatpants, a sampling of the company's clothing to "throw everyone off" in a suit-required meeting.[22] During his time as head, he implemented "year-end compensation roundtables" where he would pepper the executives with questions about their business practices in order to "weed out under-performers".[23] Upon his departure, he was credited with professionalizing the investment banking division and doubling profit margins from 11% to 22% with sales rising by 70%.[23][24] In April 2014, Sheldon Adelson, a client of his from Drexel Burnham, offered Solomon operational control over the Las Vegas Sands casinos.[25] Solomon declined the offer because Adelson "wasn’t willing to give up day-to-day control, and [he] didn’t want to be an understudy."[26] Despite Goldman Sachs not disclosing his total compensation packages, SEC and IRS filings indicate that Solomon was paid a base salary of US$1.85 million with an award of restricted stock worth about $10 million in January 2015.[27] After Gary Cohn resigned from Goldman to become the Chief Economic Advisor to Donald Trump, then President of the United States, Solomon was elevated to president and co-chief operating officer along with Harvey Schwartz in December 2016.[28][29] In a series of interviews in October 2017, Solomon detailed his advice for students and future employees at Goldman: know how to write and speak publicly, know accounting, and never lose sight of what you are passionate about.[30] Under Solomon's leadership, the bank has increased pay for programmers, loosened dress codes, modernized computer systems, instituted video interviews, and created a "real-time performance review" system for new employees.[31] Solomon received $11.85 million compensation package in January 2017 and January 2018.[32][33] It was estimated that Solomon holds 224,030 (0.059%) shares of Goldman Sachs Group (GS) which was valued at $58 million in January 2018.[34] In March 2020, Solomon was granted some US$27.5 million in compensation. This was made up of his base pay which was a $2 million salary as well as a $7.65 million cash bonus. On top of that he also was granted $17.85 million in long-term incentive.[35]

On March 12, 2018 Goldman announced that Schwartz, the company's co-chief operating officer and president would be resigning, leaving Solomon as the second-in-command.[36] Hours after the announcement, media outlets–both domestic and international–informally designated Solomon as Lloyd Blankfein's sole heir apparent.[25][2][37] At a board meeting on February 21, 2018 Blankfein expressed an interest and preference for Solomon to succeed him.[38][39][40] During March 2018, Solomon has repeatedly advocated for a reformation of Goldman's company culture.[41] He expressed an interest in lowering the maximum hours worked during normal business days from somewhere near 90 hours a week, to somewhere near 70 to 75 hours a week, when not actively engaged in closing a deal.[42] Prior to assuming the company's presidency, he tracked the hours worked by his subordinates and frequently stepped in to send employees home.[42] Solomon took office as the chief executive officer (CEO) of the firm on October 1, 2018.[3]

In 2021, Goldman Sachs announced it would be slashing Solomon's pay in 2020 by 36% for the bank's admission due to the 1MDB scandal, causing Goldman to pay nearly $3 billion in October 2020 to government officials in four countries to close an investigation into the work the bank performed for 1MDB. Solomon received a $27.5 million compensation package in 2019 and was given a $17.5 million package for 2020.[43][44]

Music[edit]

Solomon performs regularly as a disc jockey under the stage name "David Solomon"[9] producing a variety of electronic dance music (EDM).[45][46] He has performed at nightclubs and music festivals around New York, Miami, and the Bahamas.[10] Solomon maintains the Instagram account "@davidsolomonmusic" to catalogue his exploits as a music producer.[2] In June 2018, he released a cover of the Fleetwood Mac song, "Don't Stop".[47] The song was originally played on Sirius XM's BPM: Electronic Dance Music Hits the previous January.[48] "Don't Stop" was listed in Spotify's 263,361-follower playlist "Happy Summer Beats".[49] His Spotify profile has 550,000 monthly listeners with his debut single garnering 8 million listens.[50] Shortly after his debut release Solomon opened a SoundCloud account where he posts extended musical sets and concert performances.[51] His most recent release, "Someone Like You" peaked at #4 on the Billboard Dance Club Chart in November 2020.

Payback Records[edit]

Solomon founded Payback Records in December 2018 in partnership with Big Beat/Atlantic Records. All proceeds from the label are directed towards charitable causes relating to addiction, hunger relief, and fighting COVID-19. Solomon releases all of his original music through Payback Records.[52][53]

Payback released the single "Break This Habit" featuring Kiko Bun by house DJ Oliver Heldens in partnership with Heldeep Records.[54]

Discography[edit]

Discography
Title Year released Song details
"Don't Stop"

2018

  • Label: Crowd Records
"Feel Alive"

2019

"Rescue Me" (feat. Alex Newell)

2019

  • Label: Payback Records
  • Remixes by: Country Club Martini Crew, Mahalo, Ralphi Rosario, Kandy, Kue
  • Appears as the theme song for the VH1 television show To Catch a Beautician
  • Is an updated version of the Fontella Bass song of the same name
Dzeko & DJ D-Sol - "Down on It" (feat. Kool & the Gang)

2019

  • Label: Payback Records
"Electric" (feat. Hayley May)

2020

"Someone Like You" (feat. Gia Koka)

2020

  • Label: Payback Records
  • Remixes by: Disco Killerz, Liquid Todd, Azello
"Only a Fool" (DJ D-Sol Remix)

2020

"Learn to Love Me" (ft. Ryan Tedder)

2021

  • Label: Payback Records

Chart positions[edit]

List of charting singles
Title Peak chart positions
Billboard Dance/Mix Show Airplay Billboard Dance Club Songs Billboard Hot Dance/Electronica
"Don't Stop" 39 - -
"Feel Alive" 4[55] - -
"Rescue Me" - 4 37
"Someone Like You" 4 - -

Performances[edit]

Solomon has performed at many events including the Electronic Music Awards in Los Angeles in 2017 and a 2020 Sports Illustrated Super Bowl Event in Miami along with Marshmello and Black Eyed Peas.[56][57] On April 9, 2018, he performed a remix of "The Pink Panther Theme" at a charity event for the opioid epidemic hosted by Hamilton College.[58] He has shared the stage with many notable DJs including Paul Oakenfold, Galantis, Kygo, David Guetta, Tiesto, and Cedric Gervais.[59] In 2020, he appeared as himself in a cameo on the Showtime series Billions.[60]

Safe & Sound charity concert[edit]

On July 25, 2020, Solomon was the opening act for the Chainsmokers at a charity concert, called "Safe & Sound" that was meant to be a future example of COVID-19 pandemic audience safety. The event was investigated by the state of New York health authorities for "rampant" violations of social distancing guidelines. A Goldman Sachs spokesperson said Solomon left before the show ended.[61]

Personal life[edit]

Solomon married Mary Elizabeth Solomon (née Coffey) in 1989 when they were both 27 years old in Bernardsville, New Jersey.[12] They divorced in early 2018.[1] He has resided in The San Remo on the Upper West Side of Manhattan in New York City from 2002 onward.[62] He listed the apartment for $24 million in May 2016.[62] He purchased a 13,000-square-foot estate in Aspen, Colorado in 2004 for $4 million and listed it for $36 million in July 2016.[63]

In January 2018, Solomon discovered that a personal assistant had stolen around 500 bottles from his rare wine collection, among them, seven from the French estate Domaine de la Romanee-Conti.[64] The personal assistant, Nicolas DeMeyer, was arrested in late January and indicted for the theft of $1.2 million worth of wine.[64][65] On October 9, 2018 Nicolas DeMeyer committed suicide by leaping to his death from the 33rd floor window of the Carlyle Hotel, minutes after he was scheduled to appear before a Manhattan judge in relation to the alleged wine theft.[66]

Solomon has served on Hamilton College's board of trustees since 2005. He will become the chairman of the board starting July 1st. [67] He is on the board of directors of the Robin Hood Foundation, a charitable organization which attempts to alleviate problems caused by poverty in New York City.[68]

See also[edit]

Notes[edit]

  1. ^ His stage name abbreviates disc jockey without the periods (i.e. 'DJ' as opposed to 'D.J.').[5] When he releases records or remixes songs he is simply credited as D-Sol.[6] His stage name is a portmanteau of his first name and surname.[7][8]

References[edit]

  1. ^ a b "This charming fraudster bilked the CEO of Goldman Sachs — then killed himself". nypost.com. 13 October 2018. Retrieved January 28, 2019.
  2. ^ a b c Siegel, Rachel (March 15, 2018). "Meet DJ D-Sol: the electronic music artist who might soon lead Goldman Sachs". Washington Post. ISSN 0190-8286. Retrieved June 1, 2018.
  3. ^ a b Segarra, Lisa (October 1, 2018). "New Goldman Sachs CEO David Solomon Has a Big Goal: Hire More Women". Fortune. Retrieved October 1, 2018.
  4. ^ "Goldman Sachs Ushers In New Era as Solomon Takes CEO Reins". www.bloomberg.com. July 20, 2018. Retrieved July 20, 2018.
  5. ^ "Goldman Sachs to name DJ D-Sol as next CEO". The FADER. Retrieved June 1, 2018.
  6. ^ Umoh, Ruth (March 14, 2017). "Goldman Sachs' president has gigs as a DJ around the world". CNBC. Retrieved June 1, 2018.
  7. ^ Kelly, Kate (March 12, 2017). "The Next Goldman Chief Could Be a Banker Who Moonlights as a D.J." The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  8. ^ Kelly, Kate (June 13, 2017). "At Goldman, He's David Solomon. At the Club, He's D.J. D-Sol". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  9. ^ a b "David Solomon Drops Sultry New Club Track "Cross Your Mind"". Your EDM. 2021-02-12. Retrieved 2021-04-20.
  10. ^ a b Kelly, Kate. "At Goldman, He's David Solomon. At the Club, He's D.J. D-Sol". Retrieved July 15, 2017.
  11. ^ Siegel, Rachel (November 15, 2018). "Meet DJ D-Sol: the electronic music artist who might soon lead Goldman Sachs". Washington Post. ISSN 0190-8286. Retrieved June 1, 2018.
  12. ^ a b "Mary E. Coffey Becomes Bride". Retrieved June 1, 2018.
  13. ^ Kelly, Kate (November 22, 2012). "Inside the Race for the Top Job on Wall Street". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  14. ^ Hoffman, Liz (November 1, 2018). "The Gamble That Put David Solomon on Top at Goldman Sachs". Wall Street Journal. ISSN 0099-9660. Retrieved June 1, 2018.
  15. ^ a b "David M. Solomon". Milken Institute. Retrieved May 1, 2017.
  16. ^ Hoffman, Liz (November 15, 2018). "The Gamble That Put David Solomon on Top at Goldman Sachs". Wall Street Journal. ISSN 0099-9660. Retrieved July 20, 2018.
  17. ^ a b Cohan, William D. (October 5, 2018). ""You Can't Out-Lloyd Lloyd": At Goldman Sachs, the David Solomon Era Begins with Subtle but Significant Changes". The Hive. Retrieved October 5, 2018. After majoring in political science at Hamilton College, Solomon was rejected by Goldman for a two-year analyst position.
  18. ^ Kelly, Kate (November 22, 2011). "Inside the Race for the Top Job on Wall Street". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  19. ^ Kelly, Kate (December 10, 2017). "Inside the Race for the Top Job on Wall Street". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  20. ^ Kelly, Kate (November 12, 2017). "The Next Goldman Chief Could Be a Banker Who Moonlights as a D.J." The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  21. ^ a b Kelly, Kate (November 22, 2017). "Inside the Race for the Top Job on Wall Street". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  22. ^ Kelly, Kate (November 3, 2017). "Inside the Race for the Top Job on Wall Street". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  23. ^ a b Hoffman, Liz (November 15, 2017). "The Gamble That Put David Solomon on Top at Goldman Sachs". Wall Street Journal. ISSN 0099-9660. Retrieved June 1, 2018.
  24. ^ Meyersohn, Nathaniel. "Goldman Sachs' next CEO is a part-time electronic dance DJ". CNNMoney. Retrieved June 1, 2018.
  25. ^ a b Hoffman, Liz (March 15, 2018). "The Gamble That Put David Solomon on Top at Goldman Sachs". Wall Street Journal. ISSN 0099-9660. Retrieved June 1, 2018.
  26. ^ Hoffman, Liz (May 15, 2017). "The Gamble That Put David Solomon on Top at Goldman Sachs". Wall Street Journal. ISSN 0099-9660. Retrieved June 1, 2018.
  27. ^ "A Goldman Sachs Executive Was Robbed of $1.2 Million Worth of Wine". Fortune. March 15, 2018. Retrieved June 1, 2018.
  28. ^ Gray, Alistair; McLannahan, Ben; Noonan, Laura (December 14, 2016). "Goldman Sachs shake-up elevates Solomon and Schwartz". Financial Times. Retrieved May 1, 2017.
  29. ^ Hoffman, Liz (December 14, 2016). "Goldman Sachs Names David Solomon, Harvey Schwartz to Succeed Gary Cohn". The Wall Street Journal. Retrieved May 1, 2017.
  30. ^ "3 Tips for Students from D.J. D-Sol (a.k.a. Goldman Sachs Co-COO David Solomon)". Vault. Retrieved June 1, 2018.
  31. ^ "Goldman Sachs Loves Millennials and Engineers". Bloomberg.com. October 24, 2017. Retrieved June 1, 2018.
  32. ^ "Goldman says newly promoted COOs and CFO to get same base salary". Reuters. Retrieved June 1, 2018.
  33. ^ "Form 8-K". www.sec.gov. Retrieved June 1, 2018.
  34. ^ 4-traders. "David Michael Solomon - Biography". www.4-traders.com. Retrieved June 1, 2018.
  35. ^ "Goldman CEO Bucks Wall Street Trend With 20% Pay Bump for 2019". Bloomberg.com. 2020-03-20. Retrieved 2020-03-21.
  36. ^ "Wall Street's Succession Moment Marks End of the Lloyd & Jamie Show". Bloomberg.com. 2018-03-15. Retrieved June 1, 2018.
  37. ^ "Goldman Says It Aims to Eventually Have a 50% Female Workforce". Bloomberg.com. March 15, 2018. Retrieved June 1, 2018.
  38. ^ Kelly, Kate (March 12, 2018). "The Next Goldman Chief Could Be a Banker Who Moonlights as a D.J." The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  39. ^ Kelly, Kate (November 22, 2018). "Inside the Race for the Top Job on Wall Street". The New York Times. ISSN 0362-4331. Retrieved June 1, 2018.
  40. ^ "Goldman's Solomon sets out to prove bank's revenue engine can roar..." Reuters. March 10, 2017. Retrieved June 1, 2018.
  41. ^ Campbell, Dakin (March 10, 2018). "What David Solomon's ascent at Goldman Sachs signals about its future". Business Standard India. Retrieved June 1, 2018.
  42. ^ a b Cohan, William D. "The Next Goldman C.E.O. Is One Woke Dude". The Hive. Retrieved June 1, 2018.
  43. ^ Hope, Dave Michaels, Liz Hoffman and Bradley (2020-10-20). "Goldman Sachs to Pay $2.8 Billion, Admit Wrongdoing to Settle 1MDB Charges". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-01-27.
  44. ^ Rudegeair, Peter (2021-01-27). "Goldman CEO David Solomon Takes $10 Million Pay Cut for 1MDB Scandal". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-01-27.
  45. ^ Siegel, Rachel (March 15, 2017). "Meet DJ D-Sol: the electronic music artist who might soon lead Goldman Sachs". Washington Post. ISSN 0190-8286. Retrieved June 1, 2018.
  46. ^ nowthisnews (July 20, 2018). "Goldman Sachs' New CEO is Also a DJ". NowThis. Retrieved July 20, 2018. Goldman Sachs just named an EDM DJ as its new CEO. David Solomon, also commonly known as DJ D-Sol, is the veteran banker and part-time EDM DJ who will be the firm’s next CEO.
  47. ^ Umoh, Ruth (March 14, 2018). "Goldman Sachs' president has gigs as a DJ around the world". CNBC. Retrieved June 1, 2018.
  48. ^ "The Likely Next CEO of Goldman Sachs Moonlights as a DJ". Town & Country. 2018-03-12. Retrieved June 1, 2018.
  49. ^ Hall, Parker (April 15, 2018). "Jam out in style with the 25 best playlists on Spotify". Digital Trends. Retrieved June 12, 2018.
  50. ^ Rushe, Dominic (July 21, 2018). "Goldman Sachs: David Solomon, veteran banker and part-time DJ, named new boss". the Guardian. Retrieved July 21, 2018. His biography on Spotify, where he has 550,509 monthly listeners, reads:"His personal mantra is to never lose sight of what you are passionate about."
  51. ^ "Soundcloud: D-Sol". SoundCloud. June 1, 2018. Retrieved June 12, 2018.
  52. ^ Son, Hugh (September 20, 2019). "Goldman Sachs CEO David Solomon has a music label called Payback Records". CNBC.
  53. ^ Bort, Ryan (February 1, 2019). "There's Nothing Subprime About These EDM Bangers From the CEO of Goldman Sachs".
  54. ^ "Oliver Heldens taps Kiko Bun for spicy new house number, 'Break This Habit'". Dancing Astronaut. September 3, 2020.
  55. ^ "Billboard Dance Chart Upstarts: D-Sol, aka Goldman Sachs CEO David Solomon, Surges With First Original Release". Billboard.
  56. ^ "Goldman's DJ D-Sol—the CEO—to Spin at Super Bowl Party". January 21, 2020 – via www.bloomberg.com.
  57. ^ Siegel, Rachel. "Meet DJ D-Sol: the electronic music artist who might soon lead Goldman Sachs" – via www.washingtonpost.com.
  58. ^ Ablan, Jennifer. "Goldman CEO's deputy can't stop, won't stop spinning records". U.K. Retrieved April 8, 2018.
  59. ^ Masood, Saad. "Goldman Sachs CEO and EDM DJ: D-Sol On Beats 1 One Mix". EDM.com - The Latest Electronic Dance Music News, Reviews & Artists.
  60. ^ "Goldman CEO David Solomon Lands Cameo on Showtime Series 'Billions'". April 24, 2020 – via www.bloomberg.com.
  61. ^ de la Merced, Michael J. (2020-07-28). "Goldman Sachs C.E.O. played an ill-fated DJ gig in the Hamptons". The New York Times. Retrieved 2020-07-28.
  62. ^ a b Solomont, E.B. (May 3, 2016). "Goldman's David Solomon wants $24M for his San Remo pad". The Real Deal. Retrieved May 1, 2017.
  63. ^ Block, Fang. "Goldman Sachs President Lists Aspen Home for $36M". Retrieved June 1, 2018.
  64. ^ a b "A Goldman Sachs Executive Was Robbed of $1.2 Million Worth of Wine". Fortune. Retrieved June 1, 2018.
  65. ^ "Assistant Goldman Sachs Exec Stole $1.2M Of French Wine From His Boss' Cellar". The Forward. Retrieved June 1, 2018.
  66. ^ Schuster, Dana (October 13, 2018). "This charming fraudster bilked the CEO of Goldman Sachs — then killed himself".
  67. ^ "Board of Trustees". Hamilton College. Retrieved May 1, 2017.
  68. ^ "Board of Directors". Robin Hood Foundation. 9 October 2016. Retrieved May 1, 2017.
Business positions
Preceded by
Lloyd Blankfein
Chairman of Goldman Sachs
2018 -
Succeeded by
Incumbent
Preceded by
Lloyd Blankfein
CEO of Goldman Sachs
2018 -
Succeeded by
Incumbent