Explore GS: Interns Catch Up with Our Chairman and CEO David Solomon

David Solomon's Personal Profile and Philosophy

• Maintains a daily morning exercise routine (gym, run, or walk) before beginning work.
• Prefers reflective solitude (walking, biking) to facilitate significant decision-making.
• Cites his grandmother's advice—"Don't be in a hurry; everything that matters takes time"—as a guiding principle for his 40-year career.
• Describes DJing and music production as key "side hustles" that connect him with people across generations.
• Lists music as his favorite way to express himself, with a specific desire to collaborate with Ryan Tedder (One Republic/Beyoncé producer).
• Identifies the firm's 38,000 global employees as the singular factor that makes Goldman Sachs unique.
• Reads The Great Influenza by John Barry for historical perspective on global pandemics.

2020 Summer Internship Context and Operational Highlights

• Scale: Approximately 1,200 interns participating in the 2020 summer program, primarily in a virtual capacity.
• Compensation Decision: Goldman Sachs prorated intern salaries for the summer to support interns and their families during the pandemic.
• Leadership Reflections: David Solomon recalled joining Goldman Sachs as a partner in September 1999 after two previous rejections; he described the onboarding process as manual and unconnected by modern standards (no smartphones or texting).
• Virtual Engagement Strategy: The firm utilized Zoom and Skype to mimic face-to-face interactions, with specific efforts to include interns in smaller, interactive meetings rather than standard conference calls.
• Key Metrics:
  • New transaction banking platform launched with 175 corporate clients within two weeks.
  • Marcus (digital consumer banking platform) has surpassed 5 million customers.
  • Marcus holds approximately $100 billion in digital deposits.
  • The Marcus-Apple co-branded credit card is identified as the fastest-growing new co-branded card ever launched.

Intern Feedback and Program Structure

• Americas Region: Interns cited resilience and the strength of the support network (including mentors like Dan Deese and Pete Lyon) as primary takeaways from the first week of training.
• APAC Region: Interns reported that shifting smaller meetings to Zoom provided a necessary "human element" and ensured opportunities for Q&A and self-introduction.
• EMEA Region: Interns highlighted active involvement in winning new business rather than passive remote tasks as the most exciting aspect of their projects.
• Networking Advice: Solomon urged interns to overcome virtual barriers by proactively reaching out via email and not hesitating to ask questions, emphasizing that "there is no such thing as a stupid question."
• Mentorship Programs:
  • The APEC Summer Intern Women's Mentorship Program paired interns with female managing directors for weekly guidance.
  • A global markets trading simulation competition allowed interns to act as market makers for single stocks.

Strategic Priorities During the Pandemic

• Three Core Focus Areas: Solomon identified the firm's pandemic response strategy as centered on:
  1. The health, safety, and family support of employees.
  2. Providing resources and tools to clients to execute in a challenging environment.
  3. Deploying resources to support the communities where the firm operates.
• Forward-Looking Sentiment: Solomon expressed pride in the organization's resilience, flexibility, and ability to deliver a strong financial quarter despite the unprecedented circumstances.
• Future Outlook: The firm plans to host follow-up virtual sessions with interns in a few weeks to maintain engagement and monitor progress.