Jul 23, 2018, 6:19 PM ETConference Presentation, Fireside Chat, Interview

Interns Meet Our Next Chairman and CEO, David Solomon, During an 'Explore GS' Session

David Solomon assumes the role of CEO, succeeding Lloyd Blankfein, following a board decision communicated via a direct, matter-of-fact conversation.
Solomon describes the moment of succession, specifically the emotional experience of being called to the stage by Blankfein, as a defining personal memory.
Solomon was 56 years old upon succession; his professional journey began in 1984 at Irving Trust Company after studying political science at Hamilton College.
He moved from Bear Stearns to Goldman Sachs in 1999, citing the firm's platform as the optimal location for long-term leadership and impact.
Solomon notes he is the first non-partner to lead the firm since it went public in 1999, marking a shift in a 150-year legacy that was previously a private partnership.

Primary Objective: The firm's top priority is driving growth through an expanded footprint of products and services to meet shareholder return expectations.
Client Segmentation: Growth strategies target three specific buckets: Corporations, Institutions, and Governments, and Individuals.
Market Gap Analysis: Solomon estimates the firm currently provides only 50% of the potential products and services for corporate clients, indicating a significant opportunity for expansion.
Technology Integration: The firm plans to leverage data analytics, risk management, and innovation to commercialize commercial banking services previously outside its core expertise.
Timeline for Execution: Solomon indicated that detailed articulations of the new business mix and growth initiatives will be released over the next six to 12 months.
Organizational Evolution: The firm is transitioning from a 130-year private partnership culture to a Fortune 100 public company model while maintaining its 150-year legacy brand identity.

Core Culture: Solomon defines the firm's culture through high professionalism, team orientation, and a "culture of excellence" rooted in the quality of its people.
Diversity Imperative: Solomon frames diversity (specifically gender) as both a business imperative for better decision-making and a moral obligation to create an inclusive environment.
Hiring Strategy: The firm is actively working to ensure entry-level and analyst hiring reflects the gender diversity of the available university talent pool.
Historical Precedent: Solomon credits former leadership, specifically Lloyd Blankfein, for significant advancements in LGBTQ+ inclusion, including public support for gay marriage.
Long-term Recognition: Solomon expressed a desire for his tenure to be remembered for advancing diversity and inclusion initiatives.

Network Building: Solomon advises new hires to view peers as a long-term professional network, citing examples of former colleagues (e.g., Amy Strassenberg, Tory B. Benston) who became future clients and business partners.
Long Game Philosophy: He warns against the "hurry" culture, emphasizing that professional success is typically a result of decades of patience, hard work, and developing experience rather than rapid "rocket ship" trajectories.
Education vs. Startup Risk: Solomon argues that for fresh graduates, starting a career at an established institution like Goldman Sachs offers superior mentorship and security compared to the ~99% failure rate of new startups.
Self-Exploration: He encourages early-career professionals to use their twenties for self-exploration and learning, noting that professional clarity often only emerges after three years of work experience.

DJ Pursuit: Solomon pursues a side career as an electronic dance music (EDM) DJ, having started formally about three years ago under the mentorship of Paul Oakenfold.
Business Metrics: His first Spotify track (a remix of Fleetwood Mac's "Don't Stop") has generated approximately 1.3 million streams and accumulated over 500,000 followers.
Routine: He allocates a few hours weekly to DJing and music production to clear his mind, a practice he balances by having more flexibility now that his children are adults.
Stage of Life: Solomon notes that his current ability to pursue this hobby is contingent on his life stage, acknowledging that young parents would likely lack the time for such an endeavor.