David Solomon, the CEO of Goldman Sachs, released a new single Friday under his musical alter ego, DJ D-Sol, and many are joking that the ...
David Solomon, the CEO of Goldman Sachs, released a new single Friday under his musical alter ego, DJ D-Sol, and many are joking that the title, Learn to Love Me, is a dog whistle to employees who are returning to in-person work Monday.
In May, Solomon sent a memo to his roughly 20,000 U.S. employees explaining that they are expected to return to the Wall Street giant's New York City offices in the Financial District, by June 14.
Earlier this week, Solomon sent employees another memo, which was acquired by the New York Times, saying that they must disclose their vaccination status by June 10, ahead of returning.
All 20,000 U.S. employees at Goldman Sachs are expected to return to work in person on June 14
Goldman Sachs CEO David Solomon has long opposed the notion that working from home is the 'new normal' and once called it an 'aberration'
While employees don’t need to provide their vaccination card, Goldman Sachs is mandating that they provide the date and maker of their vaccine.
“Registering your vaccination status allows us to plan for a safer return to the office for all of our people as we continue to abide by local public health measures,” states the staff memo. “As a result, it is mandatory that you submit your vaccination status. While we strongly encourage you to receive a Covid-19 vaccine, we understand that the choice to get vaccinated is a personal one."
Staff were directed to log their status in the bank’s internal app, Canopy. The company said it could be shared with managers and used for planning.
The company first reopened its offices and buildings to employees May 17, bringing back staff gradually.
Goldman's return-to-office push gained momentum in March when Solomon said the company has an obligation to its 5,400 interns, analysts and associates to have employees working alongside each other in person.
Solomon has previously spoken out about his opposition to working from home. In February, he told a Credit Suisse virtual conference that it was an 'aberration' and said it is not the 'new normal,’ insisting that firm would be looking to 'correct' the remote working situation 'as soon as possible.’
When he made the comments, Solomon noted that he didn't want the incoming class of 3,000 new recruits arriving remotely because he feared they wouldn't get the 'direct mentorship' they needed.
'I am very focused on the fact that I don't want another class of young people arriving at Goldman Sachs in the summer remotely,' he said.
Solomon joined Goldman Sachs in 1999 as a partner and climbed the corporate ladder until becoming its CEO in October 2018 and chairman in January 2019.
According to CNBC, Solomon earned $27.5 million in 2019, but had his pay cut by $10 million in 2020. Despite 2020 hitting its highest revenue gain since 2009 at $44.56 billion, Solomon faced the 36 percent pay cut because of the company’s involvement in the 1Malaysia Development Berhad scandal.
Goldman Sachs raised $6.5 billion in three bond sales for the 1Malaysia Development Berhad state fund, between 2012 and 2013. Malaysian and U.S. authorities found in 2015 that $4.5 billion from the fund was siphoned by its leaders and used for a variety of personal, luxury expenses. Goldman Sachs reached a $2.9 billion settlement for its involvement in raising the money.
Solomon moonlights as DJ D-Sol and, on Friday, released his latest single Learn to Love Me, featuring One Republic's Ryan Tedder
From former interns to junior employees, Goldman Sachs has drawn public criticism and backlash throughout 2021. In January, a former intern named Emily shared a YouTube video describing her experience interning there in 2016 as being the ‘internship from hell.’ She called it a ‘traumatic’ and ‘cutthroat’ program that included working from 5:40 a.m. to 9:30 p.m. without having her own desk.
Then, in March, a group of junior bankers made a PowerPoint presentation complaining of conditions like working 100 hours a week. A number of the 13 analysts who made the presentation said that they would quit by the summer if conditions didn’t improve. One claimed that his experience at Goldman was 'arguably worse' than his childhood in foster care. The PowerPoint leaked to the media and, days later, Solomon vowed to employees that he would work harder to give them Saturdays off.
Solomon has drawn criticism from his employees for playing lavish gigs while some of them can't get a day off work
Employees said that it only rubs salt in the wound to see Solomon riding the heels of his EDM career and playing opulent gigs in the Hamptons, while they struggle to get a full day off work.
“It’s one thing if you’re going out with your family and another to be on Page Six,” an employee told the New York Post.
Solomon touted his new single, featuring One Republic’s Ryan Tedder, on his Instagram page before its Friday release. Ryan Tedder did not promote the song on his Instagram or Twitter accounts.
Many took to Twitter to mock DJ D-Sol's latest release, with user Joggo writing in a post that the remixes of the song will be called 'You MUST love me' and 'I don't care if you love me, as long as you LOVE our clients.'
Twitter user InnocenceCapital joked that the title was 'Learn to love me, but if you're not a PMD, look at my feet if you dare speak to me,' with PMD referring to a senior executive.
Twitter user karl yang said employees can't even escape Solomon on protected weekends, but at least analysts switch from 'addy to molly,' a reference to work-performance drugs and club drugs.
But Solomon takes his music career seriously and is signed by Payback Records, the record label he launched in 2018, and donates proceeds from his music career to nonprofits working to combat America’s opioid addiction epidemic. According to its website, Solomon launched the record label ‘with a vision for building a socially-conscious music business.’
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