Goldman Sachs Group Inc. Chief Executive Officer David Solomon is safe in his role for now, according to prominent banking analyst Mike Mayo.
The Wells Fargo & Co. analyst addressed the question of Solomon’s future in a note following a meeting with Adebayo Ogunlesi, the lead director on Goldman’s board. Solomon has been contending with growing criticism from his colleagues this year as the firm backed away from a botched expansion into consumer banking and earnings fell in its core investment bank.
Mayo said that Ogunlesi acknowledged that, in hindsight, the board could have done better regarding consumer lending and the pace of divesting balance-sheet investments, and moved faster on third-party fundraising. And while turnover is the norm, Goldman lost some partners it wanted to keep due to disagreements, the analyst wrote.
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