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Goldman has a new C.E.O. (and the same old business plan)Months of speculation about Goldman Sachs’s succession plans ended yesterday when the bank named David Solomon as its next leader. But the handover from Lloyd Blankfein won’t lead to many changes in strategy.
As Mr. Solomon told the NYT, “There’s not going to be a revolution, there’s going to be evolution at Goldman Sachs.” Goldman will continue its push to rely less on trading profits, seeking new revenue from online financial businesses like its Marcus lending arm. (And Mr. Solomon is likely to continue his side hustles as a DJ and restaurant owner.)
What might change? The WSJ says Mr. Solomon wants his Goldman to have more disciplined and accountable managers, and better gender and work-life balance. He’ll also need lieutenants; contenders include John Waldron, a top deal maker, and Eric Lane, a co-head of investment management.
But business is holding steady. Why shake things up?
In other Goldman news: Trace the highs and lows of Mr. Blankfein’s 12 years in charge, and read his farewell note.
