Last week, it was reported by several outlets that CEO David Solomon would no longer perform as a DJ in public. This decision has come under increased scrutiny as Goldman Sachs faces challenges in the form of declining profits.
The 61-year-old Solomon, an unexpected figure in the world of electronic dance music considering his high-powered day job, has taken on numerous high-profile DJ gigs in recent years, including a performance at the Lollapalooza music festival in Chicago last summer. However, as reported by the Financial Times on Monday, Solomon, who goes by the stage name DJ D-Sol, has made the choice to step back from public DJ performances.
Sources cited in both the Financial Times and Bloomberg indicate that his decision was influenced by unwanted media attention. Goldman Sachs spokesperson Tony Fratto confirmed this, stating that Solomon’s decision to scale back his DJing was not a recent development but rather a response to the distracting media coverage.
This decision to step away from his side gig occurs within the context of reports of tensions between Solomon and other Goldman Sachs decision-makers, with some criticism being directed at his unconventional hobby. Goldman Sachs has experienced a challenging period, with profits declining for nine consecutive quarters on a 12-month rolling basis. The company’s stock, under Solomon’s leadership, has also faced a 9% year-to-date decline, reflecting broader struggles in the financial sector due to a slowdown in dealmaking, even as rival JPMorgan Chase has seen a 9% increase in its stock value.