Goldman Sachs CEO David Solomon has chosen to step down from his DJing pursuits at high-profile events, a decision prompted by the distraction it caused from his role at the Wall Street firm, according to individuals familiar with the matter.
Approximately 12 months ago, Solomon decided to halt his DJing activities due to the unwanted media attention it garnered, as reported by the Financial Times.
His most recent DJ performance occurred in July 2022 at Lollapalooza, a four-day music festival in Chicago.
Goldman spokesman Tony Fratto said:
- “This is not news. David hasn’t publicly DJed an event in well over a year, which we have confirmed multiple times in the past.”
- “Music was not a distraction from David’s work. The media attention became a distraction,” Fratto added.
What you should know
Disc jockeying initially served as a means for Solomon to connect with society and cultivate his public image.
However, it soon escalated, drawing criticism from within Goldman Sachs, particularly from disgruntled bankers who were dissatisfied with the firm’s strategic missteps and reduced compensation.
Solomon’s DJing pursuits faced opposition from Goldman’s board of directors, some of whom were uneasy with his decision to perform at Tomorrowland, a Belgian music festival known for its association with heavy drug use.
Additionally, in 2020, Solomon issued an apology to Goldman’s board after he DJed at an event in the Hamptons resort area of New York.
The event was criticized for flouting social distancing regulations during the COVID-19 pandemic.
David Solomon assumed the role of Goldman Sachs CEO in 2018.
Since then, he has worked to diversify the company’s business away from traditional investment banking and trading, with a focus on expanding into areas such as asset and wealth management, which are perceived as less volatile.
