Why Goldman Sachs Its CEO Mixes Sentimental Hits ?

Crédit Pablo Heimplatz sur unsplash

The ability to discern is often what sets excellent leaders apart from merely good ones. This quality is particularly important when misfortune strikes. That is when making the right choices at the right time becomes crucial.

This is likely why David Solomon was appointed CEO of Goldman Sachs in 2018. The board was attracted by his last name, his Greek wrestler looks, his legendary flair, and his appreciation for sentimental music. They were captivated by his originality rather than his background and trusted him over anyone of their inner circle. This decision was not without risk, as Goldman Sachs is known for being a stronghold of alpha males and females.

Just like a love story, at first everything unfolded successfully. This bold gamble was rewarded on the market, as in the following four years, the company’s share price rose by 50% despite significant fluctuations. This highly profitable financial institution has consistently navigated through multiple financial crises. Each time, it managed to transform potential losses into substantial gains.

However, this monument to the glory of money has knowns setbacks over the past year. The share price has faltered and underperformed the index it references. Blame has been placed on the failure to diversify into the retail market, and even on the compensation paid to a group of former Goldman Sachs employees to settle discrimination charges. To make matters worse, a former London-based head of recruitment at the firm is demanding £1 million, claiming that the company allegedly treated him with contempt and exhausted him.

Frankly, this should bring a smile to headquarters, given the bank's reputation over the years. To them, one million feels more like a symbolic euro. They have been accustomed to much heavier penalties. As for the accusations of an abusive, exhausting, and insulting culture, it is deemed surprising. Within the firm, the “inhumanity” in is considered as  a form of Darwinism, where only the strongest / more resistant survive. They are reminded that repeated humiliations and late-night shifts have a coast, and a substantial one. Their answer is clear: no one is forced to stay!

Nonetheless, rumors are swirling. Envious journalists are slamming the CEO with harsh criticism, and David, known for being a harsh leader, almost feels like a victim, and expresses it on television. Fatigued by this ruthless environment, he intensifies his second career as a DJ on a private jets, finding time to perform pro bono—a way of asserting that Goldman Sachs doesn’t believe that wealth guarantees happiness.

However, something or someone has caused him to question his judgment. In the middle of a concert in the Bahamas, surrounded by an ecstatic crowd of millennials, he appeals to a higher power, much like King Solomon once did. Two deities respond: the god of money and the god of artists. The first deity states:

"David, you have been controlling and demoting since you were born. Don’t stop. You have always started strong. Please go on stronger. Do not be swayed by the siren of sentimental crowds; they are mere illusions. Goldman Sachs must not become a sentimental company. Don’t listen to that misguided Ludovic Herman. Success means increasing your assets: money is the only true measure of success, and cherishing it demands your total commitment. Continue to maximize productivity, cut costs, and rid the firm of the least profitable among you… all while traveling exclusively by private jet."

David is touched but surprised by this advice, which goes against corporate social responsibility. He asks, "What about the climate crisis?"

"Precisely, the financial spirits reply. We, Financial executives love crises; climate collapse will only make us stronger. The issue is that it is not accelerating quickly enough!” David follows the advice, burns fossil fuels, bans teleworking, and promotes huge motorbikes. Intrigued, yet still cautious, he plays his favorite mix "Nothing I Won't Do." This is when the god of artists comes in.

"David, it may seem trivial to you, but to me, mixing sentimental music means something. It means you are free to love. On stage, being your true self makes you a king. You are cherished for what you convey. Please, consider your legacy and the impact you will leave behind. To inspire your employees, invite them to dance with Whitney for a change. Look for what Goldman Sachs wants to embody with passion, and like King Solomon, judge with your heart rather than with a computer.”

Sentimentalement vôtre.