- November 6, 2020
- Posted by: Stratford Team
- Category: Business
Goldman Sachs chief David Solomon is trying to calm his troops while the tumult of the 2020 election continues to unfold.
In an audio message to Goldman staff on Wednesday evening — emailed out even as New York City cops clashed with unruly protesters in lower Manhattan — Solomon reminded his bankers that they had anticipated the election would likely be a dragged-out and contentious process.
“We knew that because of the pandemic, this election – just like the months leading up to it – would be different than anything we have witnessed before,” Solomon said in his message. “And that we would have to allow the time required for the democratic process to unfold.”
Likewise, Solomon — known for his love of pricey wines and his nightclub alter ego DJ D-Sol, encouraged Goldmanites to take a moment and “look up.”
“We must listen and learn from each other – no matter what side of the aisle,” Solomon said. “We could throw our hands up and accept a deeply divided country, or we can harness the energy of this moment in time towards finding the necessary common ground so we can all move forward together.”
JPMorgan boss Jamie Dimon sent a similar note to his staff on Wednesday morning urging “patience” and “faith” in the democratic process.
Unlike Dimon, who is known for speaking out on political matters and who has publicly clashed with President Trump, Solomon has not been politically outspoken during his two years running Goldman.
Solomon, however, has publicly committed to diversifying Goldman’s executive ranks and refused to do IPOs for any company without a woman on its board. He recently promoted 43-year-old Goldman exec Stephanie Cohen to a new role that puts her in play to succeed him as CEO in the future.
Still, Goldman carries the moniker “Government Sachs” — a reference to the ranks of Goldman bankers who have left to serve at the White House and other top US government roles.
Solomon himself took the No. 2 role at Goldman when his predecessor, former bank president and chief operating officer Gary Cohn left to become President Trump’s top economic advisor in January 2017.
Dina Powell, a bank executive who currently sits on Goldman’s management committee, joined Cohn in the White House before returning in early 2018.