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Business

Finger-pointing among executives begins at Goldman Sachs




Talk about shooting away.

With Goldman Sachs in a bind, the finger-pointing between top executives has begun — and, unsurprisingly, it’s gotten nasty almost immediately.

The Wall Street giant announced this week that it would cut jobs with earnings in a downturn — and even said it is doing away with free office coffee.

Some c-suite sourpusses say the company under CEO David Solomon is too focused on flashy executives with “personal brands,” instead of getting down to the good, old-fashioned hard work of making rich people richer with very little effort .

Insiders seem to have a harder time seeing the funny side of Solomon̵[ads1]7;s own DJ career as DJ D-Sol now that the economy is on the upswing.

David Solomon DJs
We’re told top executives are getting less excited about Solomon’s DJ sideline now that the economy is looking bleaker.
FilmMagic for Sports Illustrated

Meanwhile, there is much lamentation about Salomon’s soft spot for rock star bankers – such as Kim Posnett, who has risen through the ranks in recent years and is often seen speaking on panels, attending galas and sitting for interviews, while – (ahem, man , ahem) insiders claim — many of her actual deals have fallen flat. (We should note that for all her alleged “personal branding,” Posnett has roughly 1,500 Instagram followers, so Charli d’Amelio probably isn’t breaking a sweat yet).

Goldman Sachs headquarters
The Wall Street giant has this week announced redundancies across the company.
Getty Images

According to the New York Times, the firm reported second-quarter earnings of $2.93 billion, nearly half as much as the same quarter last year. The investment division where Posnett works – but we hasten to add, not just Posnett jobs – was responsible for much of the decline, earning 41% less at the time than the year before. (We’d be remiss if we didn’t note that Goldman Sachs’ management team is reportedly about 80% male, so you’d think the number crunching knowledge out there would figure out that if something is wrong, the raw data suggests it is overwhelmingly likely to be the boys’ fault.)

Some insiders have even made a racket because Posnett spent much of last week in a suite at the US Open as the company prepared to announce the layoffs, instead of, say, at her desk to make the balance sheet look a little more . rosy next quarter. (For the record, though, Page Six has seen a deal or two go down over $15 beers between sets at Arthur Ashe Stadium, so let’s not rule out a, uh, net profit from those trips just yet).

A spokesperson called the barbs “baseless gossip”.





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