David Solomon, CEO and Chair of Goldman Sachs, is facing criticism once again over his hypocritical use of the company’s private jet. This time, he is taking the $66 million Gulfstream G650ER to Paris for the Olympic Games, while at the same time forbidding Goldman Sachs employees from attending so they can also schmooze clients. As reported by James Franey of the New York Post:
“Yeah he’s going to Paris. Hypocrisy at its finest,” one Goldman banker fumed last week. “And no doubt he’ll be using one of the company jets.”
In addition to a series of “client meetings,” Solomon’s schedule included a lunch hosted by French President Emmanuel Macron and prepped by award-winning chef Fabrice Desvignes, with the menu and wine list shrouded in secrecy.
The Wall Street titan was also invited to a posh party for the rich and famous co-hosted by Bernard Arnault, the billionaire chairman of luxury giant LVMH.
The sometime house DJ will also be among the VIP guests at Friday’s opening ceremony in central Paris.
Solomon’s trip looks set to irk Goldman’s rank and file after higher-ups ordered them in April not to wine and dine clients at the Paris Games without prior approval from the firm’s bean-counters.
For three consecutive years, NLPC has sponsored shareholder proposals at Goldman Sachs’s annual meetings that called for a policy to split the roles of chairman and CEO between two executives — to essentially reduce Solomon’s power. Earlier this year NLPC’s Luke Perlot cited Solomon’s jet usage — in addition to other concerns ranging from the company’s failed consumer banking expansion, failure to promote women to senior leadership positions, and unproductive descent in ESG — as reasons why our “independent chair” proposal should be supported by company shareholders.
We thought @DavidSolomon grew out of this conduct but now we learn he ‘jetted off to Paris’ while banning staff from the #Olympics @jamesfraney https://t.co/aCrkYxABfX
— NLPC (@NLPC) July 29, 2024
