Talk about shedding.
With Goldman Sachs in a pinch, finger-pointing between top executives has begun — and, unsurprisingly, has turned nasty almost immediately.
The Wall Street giant announced this week it would cut jobs if revenues are in a slump — even saying it’s taking away free office coffee.
Some c-suite sourpuss say the company led by CEO David Solomon is too focused on flashy executives with “personal brands,” rather than resigning themselves to the old-fashioned hard work of making rich people richer with very little effort. .
Insiders seem to be having a harder time seeing the fun side of Solomon’s own DJ career as DJ D-Sol now that the economy is spinning.
Meanwhile, there’s been much grumbling about Solomon’s soft spot for rock star bankers — for example, Kim Posnett, who’s risen through the ranks in recent years, often appearing on panels, attending galas, and conducting interviews, while — the (ahem, man, ahem ) insiders claim – many of her actual deals have failed. (We should note that for all her alleged “personal branding,” Posnett has some 1,500 Instagram followers, so Charli d’Amelio probably isn’t sweating it just yet).
According to the New York Times, the company reported second-quarter profits of $2.93 billion, nearly half as much as in the same quarter last year. The investment department where Posnett works, but we hasten to add, no only Posnett Works was responsible for much of the downturn, earning 41% less during that time than the previous year. (We’d be remiss if we didn’t notice that Goldman Sachs’ executive team is reportedly about 80% male, so you’d think the math geniuses there would figure out that if something isn’t right, the raw data suggests it’s most likely the boys’ fault.)
Some insiders have even made a racket because Posnett spent much of the past week in a suite at the US Open as the company prepared to announce the layoffs, rather than, say, at her desk trying to get the job done. balance sheet look slightly better next quarter. (But for the record, Vidak For Congress has seen a deal or two drop over $15 beers between sets at Arthur Ashe Stadium, so let’s not rule out a, er, net profit from those trips just yet).
A spokesperson called the barbs “baseless gossip.”