- David Solomon has now been Goldman Sachs’ CEO for two years after succeeding Lloyd Blankfein in October 2018.
- Solomon has made significant changes to the company’s leadership team including expanding the size of the management committee, moving a number of senior executives into chairman roles, and solidifying reporting structures.
- Business Insider identified 125 of the key executives now leading the bank to come up with the exclusive org chart below.
- Visit Business Insider’s homepage for more stories.
When David Solomon took over as Goldman Sachs’ CEO in October 2018, he became just the third person to lead the storied investment bank as a public company.
First there was Henry Paulson, who led the charge to take Goldman public in 1999. When Paulson was tapped to become George W. Bush’s Treasury Secretary in May 2006, he chose Lloyd Blankfein. Twelve years later, Blankfein selected Solomon.
Under the current CEO’s predecessors, Goldman made the inconsistent and halting steps away from its partnership and toward something more like a publicly traded corporation. Pre-recorded earnings calls moved to a model where the CFO would banter with analysts. Last year, Solomon asked his lieutenants to create three-year strategic plans. In January, he hosted Goldman’s first-ever investor day.
Read more: Inside Goldman Sachs’ first investor day, where avocado toast and crab apples were served with tech talk, 3-year plans, and a surprising trading mea culpa
Perhaps one area where the firm has stubbornly clung to its partnership roots is in personnel matters. The company maintains a core group of 450 or so partners considered the firm’s most senior employees. Solomon has taken steps to shrink the size of that group, but he’s continued to defend its existence.
That’s kept Goldman’s organizational chart relatively flat. In July, one of its newest partners, Joe Duran, noted that point in an interview when he described his first few months at the firm.
Duran, who sold his United Capital wealth-management business to Goldman for $750 million last year and joined at Goldman’s highest rank, compared his new firm to a company that’s been public for far longer, and at least at one time, was the model of corporate efficiency: General Electric.
“The partners tend to be quite fluid,” Duran told wealthmanagement.com. “You do have reporting lines, but it’s not like anything I’ve experienced before. When I sold Centurion to GE, it was very hierarchical.”
Nevertheless, Solomon has made small steps toward establishing more hierarchy. The CEO established hardened reporting lines, ensuring information got funneled to him through a more rigid approach than what Blankfein was known for, according to people with direct knowledge of the matter.
Now, many executives answer to Solomon’s chief lieutenants, Goldman President John Waldron and CFO Stephen Scherr, rather than to the CEO himself.
Another way to understand Goldman’s set up is through its committees, dozens of decision-making bodies spread around the firm that weigh in on everything from how to run a division and who gets named partner to what business activity should be approved or avoided to protect the firm’s reputation.
So Business Insider set out to impose an organizational chart on Goldman in what is likely one of the first such exercises to be attempted. We identified members of the executive committee for each of the firm’s four revenue-producing divisions – investment banking, global markets, consumer and investment management, and merchant banking – and mapped them to Goldman’s management committee.
In a few cases, we went another level down.
In all, we compiled this list of 125 executives by speaking with current and former employees, competitors, and recruiters, and chose to avoid most staff members in the control or corporate functions. Note that the chart is interactive, so you’ll need to click through on “direct reports” to get the full list of names.
A Goldman Sachs spokesman declined to comment.
Have we missed someone on this chart or do you have a general tip about Goldman Sachs? Get in touch! The reporter can be reached via phone, text or encrypted messaging apps WhatsApp, Signal or Telegram at 917-673-9252. You can also find him at [email protected], [email protected]ail.com or on Twitter at www.twitter.com/dakincampbell.