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Goldman Sachs’s Year of Frantic Upheaval and Same Old Problems

  • CEO Solomon overhauled team, now investors await new strategy
  • ‘There’s a bigger transformation occurring’ than at any rival
David Solomon
David Solomon

Source: Bloomberg

David Solomon was zipping through the Outer Banks in an Infiniti SUV when he was pulled over on a scenic byway connecting one island to the next. The Goldman Sachs chief was dinged for going too fast.

In some ways, that moment in June is symbolic of Solomon’s year behind the wheel of Wall Street’s premier investment bank. The 57-year-old is moving at a rapid clip -- shrinking its roster of elite partners, overhauling management ranks and shaking up the structure of businesses -- upsetting some attached to the old Goldman way.