Goldman Sachs’ David Solomon had the suitable concept. However that is solely half the issue.
Hey there! Dan DeFrancesco in NYC. In the event you’re feeling bummed about lacking Coachella, do not be. These pictures from the occasion show the distinction between Instagram and actuality on the music competition. Additionally, you are in all probability too outdated to go anyway.
At the moment, we have got tales on Kim Ok’s PE agency, why soon-to-be Bain staff might need much more free time — and money — on their palms, and a must-read story on “Love is Blind.”
However first, let’s proper the ship.
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1. I’ll attempt to repair you.
Oh, Goldman.
The financial institution, which has had a troublesome go of it for the previous few months, had extra dangerous information on Tuesday with a lackluster earnings report.
Goldman Sachs’ $12.2 billion in income from Q1 fell wanting analysts’ estimates, which isn’t a great signal — however it’s not an entire catastrophe.
As Insider’s Carter Johnson reported, there’s a case to be made for a turnaround at Goldman led by its embattled CEO David Solomon. From M&A and buying and selling to wealth and shopper, Carter mapped out the 5 key issues that Goldman, and extra particularly Solomon, can do to proper the ship.
In some ways, Goldman’s resurgence quantities to getting again to what it has at all times performed so effectively: dealmaking and buying and selling. The previous has been within the midst of a near-total drought for the higher a part of a 12 months, which is a part of the financial institution’s drawback.
We have written loads concerning the struggles at Goldman Sachs lately, and rightfully so. In the event you’re essentially the most high-profile financial institution on the Road, you have gotta take the bitter with the candy. However I will admit I really feel barely dangerous for Solomon.
His preliminary push into shopper banking was about avoiding this actual state of affairs. M&A comes and goes, however a deposits enterprise is extra reliable, as is obvious by the success Goldman’s friends had this quarter.
Had Solomon executed on that shopper technique, speak about Solomon may be extra consistent with how JPMorgan’s Jamie Dimon is being considered. As an alternative, some Goldman companions have mentioned complaining about him to the board.
Extra on what David Solomon must do to get Goldman Sachs again on observe.
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10. Quick-food enjoyable information. Do you know McDonald’s first mascot wasn’t that creepy clown? Or that Taco Bell’s preliminary menu had simply 5 gadgets on it? Take a look at all 18 information right here.
Curated by Dan DeFrancesco in New York. Suggestions or suggestions? E mail [email protected], tweet @dandefrancesco, or join on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Nathan Rennolds (tweet @ncrennolds) and Hallam Bullock (tweet @hallam_bullock) in London.