David M. Solomon Bio, Age, Salary, Net Worth, House, Religion, and Goldman Sachs

David M. Solomon Photo
David M. Solomon Photo

Last updated on November 3rd, 2022 at 12:24 am

Originally published on famousintel.com

David M. Solomon Biography and Wiki

David M. Solomon is an investment banker from America serving as the CEO of Goldman Sachs, a position he has held since October 2018. Additionally, he has served as the bank’s chairman since January 2019. From January 2017 to September 2018, Solomon served as president and chief operating officer. From July 2006 to December 2016, he shared leadership of the investment banking division. From January 2017 to September 2018, Solomon served as CEO. On October 1, 2018, Solomon officially took over as CEO in place of the retiring Lloyd Blankfein. After Blankfein’s departure, Solomon was named chairman.

David M. Solomon Education

Prior to working as a camp counselor in New Hampshire, Solomon attended Edgemont Junior-Senior High School and did some part-time work at a nearby Baskin-Robbins. He received a Bachelor of Arts in political science and government from Hamilton College in Clinton, New York, before graduating. He participated in rugby while attending college, loved to hike up the Hill, and served as the chair of his social fraternity, Alpha Delta Phi. He applied for a two-year analyst position at Goldman Sachs after graduating but was turned down. This prompted him to submit an application to Irving Trust, which he has described as “graduate school at [a] bank.”

David M. Solomon Age and Birthday

Solomon is 60 years old as of 2022. He was born David Michael Solomon in 1962 in Hartsdale, New York, United States.

David M. Solomon Nationality and Ethnicity

Solomon is of American nationality by birth. He was born in Hartsdale, New York, United States. He is of Jewish heritage. READ ALSO: Oscar Munoz

David M. Solomon Parents

Solomon’s mother, Sandra, worked as an audiology supervisor, and his father, Alan Solomon, was the executive vice president of a small publishing company.

David M. Solomon Wife

Solomon married Mary Elizabeth Solomon (née Coffey) in Bernardsville, New Jersey, in 1989. Early in 2018, they got divorced.

David M. Solomon Height

Solomon stands at an average height of 6 feet 2 inches (188 cm).

David M. Solomon Net Worth

Solomon has an estimated net worth of $58 million.

David M. Solomon House

Since 2002, Solomon has been a resident of The San Remo on Manhattan’s Upper West Side. In May 2016, he put the apartment up for sale for $24 million. He paid $4 million in 2004 for a 13,000-square-foot estate in Aspen, Colorado, and listed it for $36 million in July 2016.

David M. Solomon Religion

Solomon is Jewish.

David M. Solomon Salary

Solomon’s total compensation for 2021 will be $35 million. The $17.5 million he was awarded for 2020 is double that amount.

David M. Solomon Goldman Sachs

As a result of his interactions with various Goldman Sachs managers in the late 1990s, he joined the company in 1999 at the age of 37 to join their leveraged finance team as a partner. His departure from Bear Stearns “shocked” his contemporaries because they thought he was “on the leadership track at Bear.” He was elevated to the position of division head of Goldman’s investment banking in 2006, where he served for the following ten years. In order to “throw everyone off” in a meeting where suits were required, he secured the initial public offering (IPO) of LuLulemon Athletica in July 2007 while dressed in a maroon blazer and sweatpants, a sample of the brand’s clothing.

In order to “weed out under-performers,” he implemented “year-end compensation roundtables” where he would grill the executives with inquiries about their corporate strategies. After his departure, the investment banking division was credited with becoming more professional, with profit margins increasing from 11% to 22% and sales increasing by 70%. He received an offer from Drexel Burnham client Sheldon Adelson in April 2014 to give Solomon operational control over the Las Vegas Sands casinos. Adelson “wasn’t willing to give up day-to-day control, and [he] didn’t want to be an understudy,” according to Solomon, who turned down the offer.

Goldman Sachs did not disclose Solomon’s total compensation packages, but according to SEC and IRS filings, he received a base salary of $1.85 million and a restricted stock award worth about $10 million in January 2015. In December 2016, Solomon and Harvey Schwartz were promoted to president and co-chief operating officer after Gary Cohn left Goldman to become the then-President of the United States, Donald Trump. Solomon provided advice for students and potential Goldman employees in a series of interviews in October 2017: be proficient in accounting, know how to write and speak in public, and never lose sight of your passions.

Programmer pay has increased, dress codes have been relaxed, computer systems have been modernized, video interviews have been implemented, and a “real-time performance review” system for new hires has been developed at the bank thanks to Solomon’s leadership. In January 2017 and January 2018, Solomon received a compensation package totaling $11.85 million. Solomon reportedly owns 224,030 (0.05%) of the Goldman Sachs Group (GS) shares, which were valued at $58 million in January 2018. Solomon received about $27.5 million in compensation in March 2020. This was made up of his $2 million base salary, which made up his base pay, and a $7.65 million cash bonus. He also received a long-term incentive payment of $17.85 million on top of that.

Schwartz, the company’s co-chief operating officer and president, announced his resignation on March 12, 2018, leaving Solomon as the next-in-command. Several hours after the announcement, national and international media outlets formally named Solomon as Lloyd Blankfein’s lone heir apparent. On February 21, 2018, Blankfein expressed interest in and a preference for Solomon to succeed him at a board meeting. Solomon has frequently argued in favor of changing the corporate culture at Goldman. When not actively engaged in closing a deal, he expressed interest in reducing the maximum hours worked during typical business days from approximately 90 to approximately 70 to 75 hours per week.

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He kept track of his subordinates’ work hours before taking over as the company’s president and frequently intervened to send workers home. Solomon was appointed the company’s CEO on October 1, 2018, and he has since taken up that position. Solomon’s compensation was to be reduced by 36% in 2020 after Goldman Sachs admitted its involvement in the 1MDB scandal in 2021. As a result, Goldman had to pay nearly $3 billion to four governments in October 2020 to end an investigation into the work it had done for 1MDB. Solomon was compensated with a $27.5 million package in 2019 and a $17.5 million package in 2020.

The Hong Kong Democracy Council asserts that Solomon’s appearance at the Global Financial Leaders’ Investment Summit in November 2022, along with that of other financial executives, will validate how the Hong Kong government has been covering up the loss of freedoms in the territory. The presence of US financial executives will only legitimize the Chinese Communist Party’s quick destruction of Hong Kong’s autonomy, free press, and rule of law, according to several members of Congress who advised against them attending the summit.