Goldman Sachs' David Solomon: Targeted (and we all know how that goes)

“Goldman’s loss rate on credit card loans is the worst among big U.S. card issuers and ‘well above subprime lenders’ at 2.93%, according to a Sept. 6 note from JPMorgan.” – CNBC, September 12, 2022.

That’s the latest negative development going down during the leadership of Goldman Sachs CEO and Chairman David Solomon. CNBC notes that during this week’s board meeting he will probably take heat for that. The Apple credit card which helped achieve market share has soured as a money-maker. That throws shade on Solomon for his leadership in consumer finance.

In addition there has been the best-selling high-profile expose about Goldman Sachs “Bully Market” by a former managing director Jamie Fiore Higgins. She attacks the culture. On Amazon, it ranks at 2,474.

The class action gender bias litigation long rattling around – “Chin-Oster, et al. v Goldman Sachs” (here is background information from the plaintiffs’ law firm) – will have its day in court in June 2023. Courtroom activity involving females, as with “US v Elizabeth Holmes,” tends to attract plenty of attention. Those supporting equity for female professionals might find in this trial the insights about how large organizations allegedly block women’s careers that they hoped would come out in “Tolton, et al. v Jones Day.” But that lawsuit went poof.

There have been the abrupt walkouts by those who perceived their bonuses didn’t deliver a proper ROI for all the hours plowed in and stress endured.

Most recently there has been the petty gesture of discontinuing the free-coffee perk. That made headlines in the New York Post. Also, LinkedIn reports that Goldman Sachs is planning layoffs. 

The stock price is down. Not good, not at all.

Solomon’s demand for RTO five days a week has been controversial. Is this the usual imposition of the rigid top-down authority of the white old man?

The intersection of all this has made Solomon a target. Investors are not happy. Internally, there is dissension about whom he has appointed to man key businesses. The media outlets aren’t missing a trick recording Goldman Sachs’ stumbles.

Once targeted that almost mystical force field keeps expanding. That’s how it goes.

For instance, what had been considered interesting about Solomon has mutated into a branding liability.

That includes his sideline profession in music. His DJing in a global festival is being perceived by some as one more example of how he sucks up so much oxygen. The take by some is that the guy is too caught up in himself, to the detriment of the business.

So, what can Solomon do to stop the acceleration of push-back against him?

From a business perspective, in those situations smart executives stop, take a fearless assessment of what is, and do urgent course correction. Essentially that’s what new Disney head Bob Chapek did when hit with a perfect storm. Currently Chapek is at the top of the fresh game he put in play.

From a mystical perspective there are three cards in the Tarot which could provide guidance to Solomon. They are all major cards – The Devil, Death, and the Tower. The message is two-fold:

  • Change is necessary – and overdue. Surrender to that reality.

     ·   The professional is the force blocking the transformation. As the Devil card indicates, the professional is locked in hell but the chains encasing that businessperson are totally removeable. (Tip: Remove from the persona that over-the-top personality.)

Sometimes in my intuitive career coaching I use the Tarot. In April 2021, The New York Times saluted Tarot card readings, including DYI, as a tool for self-awareness and introspection. Here are the Five Steps for DIY Tarot readings.

As an intuitive career coach and Tarot reader, what would I recommend to Solomon: Use this adversity as a platform for change. Unique success can and will happen.

 Your just-right professional fit. You can bypass the usual pain points. You may need to change jobs, careers, or from being a worker to entrepreneurship. So many are at a crossroads. Complimentary consultation for coaching, job-search materials, and interviewing. The menu of services includes Tarot readings, both spreads and one-card pulls. Please contact janegenova374@gmail.com or text 203-468-8579. Website: https://janegenovaintuitivecareercoaching.blogspot.com/

 

 

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