Goldman Sachs CEO gives up DJ career as profits fall by a third

'DJ D-Sol' has performed at festivals around the world, including Lollapalooza and Tomorrowland. Photo: Kevin Mazur/Getty Images Contributor

The Goldman Sachs boss has stopped his DJ career as the Wall Street giant's profits fell by more than a third.

David Solomon, known for moonlighting in recent years disc jockey under the pseudonym DJ D-Sol abandoned his hobby after a barrage of criticism.

This came as Goldman's profits fell 36% to $1.88 billion (1.54 billion pounds sterling) in the three months to September as the bank struggled with losses from an ill-fated consumer lending bet and write-downs on property investments.

This is the eighth straight quarter in which Goldman's earnings have fallen, and comes after a tumultuous few months for Mr. Solomon.

Goldman has suffered a string of high-profile resignations recently. months and a series of media reports citing insiders questioning his management of the bank.

DJ D-Sol at a party Sports Illustrated in Miami in 2020. Photo: Jeff Kravitz/FilmMagic

The results also came naturally. It has been confirmed that Mr Solomon will no longer DJ at high-profile events.

Last year, the 61-year-old musician performed at Lollapalooza, a four-day music festival in Chicago, alongside artists such as Metallica, Dua Lipa. and Green Day.

On his then-personal Instagram account, Mr. Solomon said: “Lolla was full of special moments, but this one was the best,” alluding to a performance of his song “Learn To Love Me.”< /p>

Critics of Mr. Solomon's side hustle say it distracts him from his day-to-day work at the helm of Wall Street's most prestigious bank.

It also caused unease among Goldman's board of directors, some of whom were reported to be uneasy. about Mr. Solomon's 2019 appearance at Tomorrowland, a Belgian music festival notorious for drug use.

He was also forced to apologize after appearing at a benefit concert in the Hamptons, New York, with electronic duo The Chainsmokers at the height of the pandemic.

A Goldman Sachs spokesman told the Financial Times, which first reported the matter. developments: “This is not news. David has not spoken publicly at an event for over a year, as we have confirmed numerous times in the past.

“Music did not distract David from his work. The media attention became a distraction.»

During a cameo appearance on the American TV show Billions, Mr. Solomon was called DJ D-Sol, although he later changed his stage name to David Solomon.

< img src="/wp-content/uploads/2023/10/33855933525a6de99af0ad375caab2fe.jpg" /> Mr. Solomon at his day job as chief executive of Goldman Sachs Photo: Kyle Grillot/Bloomberg

Goldman's profits fall further later more than a year after Solomon's new retail banking strategy backfired, leading to billions in losses.

The bank's share price has lagged peers since Solomon took over the bank in 2018.