David Solomon net worth: David Michael Solomon is a United States-based investment banker. Since October 2018, he has been the chief executive officer (CEO) of Goldman Sachs. Since January 2019, he has also been the leader of the bank. Solomon was president and the chief operating officer from January 2017 to September 2018. From July 2006 to December 2016, he was co-head of the investment banking division. Lloyd Blankfein was the CEO before Solomon. Blankfein retired on October 1, 2018, and Solomon became chairman.
Solomon also makes electronic dance music (EDM) records for fun under the name “David Solomon” (he used to be known as DJ D-Sol). He has played at music festivals and nightclubs in New York, Miami, and the Bahamas. Here, we’ll talk about David Solomon net worth, his salary, his age, and a lot more.
David Solomon Early Life
David Michael Solomon was born in 1962 in Hartsdale, New York. His father, Alan Solomon, was executive vice president of a small publishing company, and his mother, Sandra, was an audiology supervisor. He grew up in Scarsdale, New York, where he went to Edgemont Junior-Senior High School and worked at the local Baskin-Robbins before becoming a camp counselor in New Hampshire.
He graduated from Hamilton College in Clinton, New York, with a Bachelor of Arts in political science and government. In college, he was on the rugby team, liked walking up the hill, and was the chair of his social fraternity, Alpha Delta Phi. After graduating, he applied to Goldman Sachs for a two-year analyst position but was turned down. This led him to apply to Irving Trust, which he has called a “graduate school at the bank.”
David Solomon Career
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In 1986, after working for Irving Trust, he went to work for Drexel Burnham. At Drexel Burnham, he started out selling commercial paper but later switched to selling junk bonds. Because of his experience with high-yield debt, he decided to join Bear Stearns. At Bear Stearns, he was in charge of leading the junk bonds division and selling higher-risk bonds. In one case, he helped a struggling movie theater company in Dallas, Texas, raise money through a “complicated bond transaction.”
He worked with several Goldman Sachs managers in the late 1990s, which led him to become a partner at the company in 1999 and join their leveraged finance team. People who thought he was on the “leadership track at Bear” were “shocked” by his decision to leave. He was given a promotion in 2006 and led Goldman’s investment banking division for the next ten years. In July 2007, he got LuLulemon Athletica’s initial public offering (IPO) by wearing a maroon blazer and sweatpants, which were examples of the company’s clothes, to “throw everyone off” at a meeting where everyone had to wear a suit.
During his time as head, he set up “year-end compensation roundtables” where he would ask the executives a lot of questions about how they ran their businesses to “weed out under-performers.” When he left, he was given credit for making the investment banking division more professional, doubling profit margins from 11% to 22%, and increasing sales by 70%. In April 2014, Solomon was offered operational control over the Las Vegas Sands casinos by Sheldon Adelson, who was one of his clients at Drexel Burnham. Adelson “wasn’t willing to give up control of day-to-day operations, and Solomon didn’t want to be an understudy.”
Even though Goldman Sachs didn’t say how much Solomon was paid overall, SEC and IRS filings show that in January 2015, he had a base salary of $1.85 million and was given restricted stock worth about $10 million. Gary Cohn left Goldman to become the Chief Economic Advisor to then-President Donald Trump. In December 2016, Solomon and Harvey Schwartz were promoted to president and co-chief operating officer.
Solomon talked about his advice for students and future Goldman employees in a series of interviews in October 2017. He said that people should know how to write and speak in public, know how to be accountable, and never lose sight of what they are passionate about. Under Solomon’s leadership, the bank has raised the pay of its programmers, relaxed its dress code, updated its computer systems, started using video interviews, and set up a way for new employees to get “real-time performance reviews.
” Solomon was paid a total of $11.85 million in January 2017 and January 2018. In January 2018, Solomon was thought to own 224,030 (0.059%) shares of Goldman Sachs Group (GS), which were worth $58 million. Solomon got about US$27.5 million in compensation in March 2020. This was made up of his base pay of $2 million and a cash bonus of $7.65 million. In addition, he was given long-term incentives worth $17.85 million.
On March 12, 2018, Goldman announced that Schwartz, the company’s co-chief operating officer, and president, would be leaving. This would leave Solomon as the second-in-command. Hours after the announcement, both U.S. and international media outlets unofficially named Solomon as Lloyd Blankfein’s only clear heir. At a board meeting on February 21, 2018, Blankfein said that he wanted Solomon to take over after he retired.
Solomon has repeatedly called for Goldman’s company culture to change. He said he was interested in lowering the maximum number of hours that could be worked during normal business days, when not actively trying to close a deal, from around 90 hours a week to 70 to 75 hours a week. Before he became president of the company, he kept track of how long his subordinates worked and often sent them home. On October 1, 2018, Solomon became the company’s chief executive officer (CEO).
Solomon is a regular DJ who goes by the name “David Solomon.” He makes many different kinds of electronic dance music (EDM). He has played at music festivals and nightclubs in New York, Miami, and the Bahamas. Solomon keeps an Instagram account called “@davidsolomonmusic” to keep track of the music he makes. In June 2018, he released a cover of “Don’t Stop” by Fleetwood Mac. The song was first played on Sirius XM’s BPM: Electronic Dance Music Hits in January of the year before.
“Don’t Stop” was on Spotify’s “Happy Summer Beats” playlist, which has 263,361 followers. On Spotify, 550,000 people listen to him every month, and 8 million people listened to his first single. Soon after putting out his first album, Solomon made a SoundCloud account where he posts long musical sets and live concert performances. In November 2020, his most recent song, “Someone Like You,” reached the top of the Billboard Dance Club Chart at number four.
David Solomon Net Worth
Solomon is an American investment banker, record producer, and DJ. David Solomon net worth is $100 million. David Solomon is a hobbyist electronic dance music producer who goes by the stage name DJ D-Sol. His first single, “Don’t Stop,” was released in 2018. Solomon sits on the board of directors of the Robin Hood Foundation. In 2016, he put his apartment in New York City on the market for $24 million. In 2004, he bought a home in Aspen, Colorado, for $4 million and put it on the market for $36 million in 2016.
In 2018, his assistant stole about 500 bottles of his rare wine collection, worth $1.2 million. In 2018, David earned a total of $23 million. His basic salary is $2 million. As of this writing, David Solomon owned 230,000 shares of Goldman Sachs. At a price per share of about $210, which is where the stock has traded in recent years, his stake is worth about $50 million before taxes.
David Solomon’s Personal Life
Solomon comes from a Jewish family. He married Mary Elizabeth Solomon, whose maiden name was Coffey, in Bernardsville, New Jersey, in 1989, when they were both 27 years old. They split up at the start of 2018. He has lived in New York City since 2002 at The San Remo on the Upper West Side of Manhattan. In May 2016, he put the apartment on the market for $24 million. In 2004, he paid $4 million for a 13,000-square-foot home in Aspen, Colorado. In July 2016, he put it on the market for $36 million.