By
Bhushan Akolkar
April 12th, 2024
Goldman Sachs is appointing a new CEO David Solomon, who will replace the incumbent chief executive Lloyd Blankfein in October. With the new CEO, the bank is expected to add more bitcoin and other crypto services to its portfolio.
Multinational investment bank Goldman Sachs has announced that David Solomon will replace Lloyd C. Blankfein, who has been the company’s Chairman and Chief Executive Officer since 2006.
Goldman Sachs is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869 by Marcus Goldman and Samuel Sachs, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
In May of this year, Goldman Sachs led the $250 million Series E funding round of the popular Supply Chain management firmTradeshift. Currently, Goldman Sachs is among the top banks experimenting with cryptocurrency joined by JP Morgan Chase, Soros Fund Management, Venrock and Rothschild & Co.
Since 2006, Lloyd C. Blankfein has been Chairman and Chief Executive Officer of the bank. According to the press release, Blankfein will step down as Chief Executive Officer on September 30, 2018, and will retire from the firm and as Chairman of the Board at the end of the year. “Mr. Blankfein will accept the title of Senior Chairman after his retirement. Mr. Solomon will join the firm’s Board on October 1, 2018,” the press release reads.
Blankfein supported the nominee of Solomon:
“David is the right person to lead Goldman Sachs. He has demonstrated a proven ability to build and grow businesses, identified creative ways to enhance our culture and has put clients at the center of our strategy. Through the talent of our people and the quality of our client franchise, Goldman Sachs is poised to realize the next stage of growth.”
Solomon is not only an American investment banker. He works as a DJ (under the name D.J. D-sol) in his free time, specializing in electronic dance music. Earlier, Solomon showed interest in bitcoin and other cryptocurrency investments. He emphasized the importance of adaptation to the current market needs. According to Solomon, Goldman must “evolve its business and adapt to the environment.” Last month, he said the New York investment bank is looking in to adding further bitcoin and cryptocurrency services to its portfolio.
“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously,” Solomon said. “We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
David Solomon doesn’t describe himself as a Bitcoin enthusiast, but he does acknowledge that Bitcoin is not just another ‘Ponzi scheme.’