Goldman Sachs CEO David Solomon has brought his firm a great deal of success recently. The Wall Street titan revealed that it had a great Q3 2021, and Goldman has seen huge profits so far this year. The 59 year old has been with Goldman Sachs for 22 years, and has led the firm for the last three.
Goldman Sachs has been highly successful under Solomon’s tutelage. The bank reported third-quarter earnings of $5.38 billion, surpassing analyst forecasts. Its stock price recently hit an all-time high and is up by 80% overall under his leadership.
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This has already been Goldman’s most profitable year ever, with a reported $17.7 billion in earnings through the first three quarters of 2021 alone.
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David Solomon has been speaking out on a number of topics lately. He spoke with the Financial Times about getting Goldman’s market cap higher to be more in line with the valuations of other financial institutions. “I don’t focus on what the time period will be. I just know that if we keep growing the firm and delivering on our plan over time, the stock and the valuation will take care of itself and we’ll get rewarded if we perform,” he said.
But Solomon declined to give a timeframe for closing the valuation gap that his firm has with larger firms.
Goldman is also taking part in a flurry of mergers and acquisitions activities lately. This happening, in part, due to the world finally coming out of the Covid crisis. “Whenever C.E.O. confidence is high, M&A activity increases,” Solomon, told the New York Times Friday. “The world’s resettled a bit coming out of the pandemic, and that is now giving a lot of companies an opportunity to really take note of where they want to go.”
David Solomon also talked with Bloomberg about moving towards more green investments. “I think it’s important that governments around the world partner with the private sector to try to get capital directed toward innovation in a way that we can accelerate the climate transition.”
Solomon explained that right now it is expensive to move to green tech, but with more investment such tech can be made more affordable. “We need thoughtful policy,” he exclaimed. “we need to put a price on carbon.”
