Goldman Sachs Annoyed by CEO's Part Time Gig as a DJ

There's even been rumors of an ouster.

Spin It

Goldman Sachs' board members are apparently mighty fed up with CEO David Solomon's increasingly problematic hobby as a moderately successful DJ.

Reports out of both the New York Times and Insider reveal that Goldman's part-time DJing gig isn't going over well with some at his company, with the latter reporting that there's been some discussion about the firm's board of directors taking measures to curb or even replace the beat-dropping executive.

In spite of Solomon's repeated proclamation that his part-time DJing gig doesn't overlap with or harm his job as CEO of one of the world's most important investment banks, insiders who spoke to the NYT on condition of anonymity say he's utilized company employees to help him manage his DJ schedule and money from his side hustle, which he says he donates to charity.

What's more, there's speculation that Solomon has used his position as the leader of the prestigious financial institution to land the kind of connections even veteran DJs can only dream of, such as his recent score of the rights to remix Whitney Houston's hit "I Wanna Dance With Somebody."

Music Moves

As the NYT notes, Goldman has for years now gotten a lot of business from the music industry. In 2018, the year that Solomon took over, the firm signed the Primary Wave music publishing and talent agency — the same company run by Larry Mestel, who helped the CEO secure the rights to the Houston hit.

Primary Wave did, as the NYT report acknowledges, already have a relationship with Goldman prior to officially becoming a client under Solomon, but the timing of their partnership — and the accolades and deals that followed, which included Mestel being added to a list of the firm's "100 Most Intriguing Entrepreneurs" that is apparently a pet project of the CEO's — is nevertheless fishy.

As Insider notes, the concerns about potential conflicts of interest between Solomon's dueling jobs led the board to discuss multiple potential replacements for him as CEO after the company lost a whopping $6 billion from its failed foray into consumer fintech, which subsequently resulted in 3,200 people being laid off.

For now, the company is standing by its man, but with these kinds of rumors being published, it's only a matter of time before he has to face the music.

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