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Goldman Sachs executive exodus gains steam as top lawyer exits

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Goldman Sachs executive exodus gains steam as top lawyer exits

The exit door at Goldman Sachs is getting quite a workout.

The megabank’s head lawyer Karen Seymour is reportedly on her way out — marking the third high-profile departure this week for Goldman CEO David Solomon as he works to remake the one-time trading juggernaut into a more accessible and transparent institution.

Seymour — who the world might best remember as the federal prosecutor who sent domestic diva Martha Stewart to prison in 2004 — is exiting as Goldman’s general counsel after just three years, according to a report from Bloomberg on Tuesday.

News of the departure comes just days after reports emerged that the newly promoted co-head of Goldman’s asset management group, Eric Lane, and the newly promoted head of Goldman’s consumer bank, Omer Ismail, are also on their way out.

Sources say the departures suggest a rocky phase for Solomon, a part-time DJ who took over the top job from then-CEO Lloyd Blankfein in 2018. As CEO, Solomon has been focusing less on Goldman’s traditional bread-and-butter of trading and more on consumer banking and deal-making.

“Reorganizations are tough, especially at a place like Goldman,” one former insider told The Post. “Solomon sold himself as a change agent when he replaced Lloyd. Well, this is what change looks like.”

Lane reportedly gave up his job co-running Goldman’s massive hedge fund operation to work for hedgie superstar Chase Coleman’s $36 billion Tiger Global Management — a move that’s being read on Wall Street as a signal that Goldman’s superstar trading days are over.

Goldman’s trading desk has thinned considerably under Solomon. Even veteran trading superstar Ran Sundaram split from the bank in February. Coleman, by contrast, pocketed a reported $3 billion in 2020.

“Trading at Goldman isn’t what it used to be,” mused one hedge fund manager. “Leaving for Tiger would be a no-brainer when you see what Chase made last year.”

Ismail reportedly left to take the helm of Walmart’s new fintech venture, surrendering the reins of Marcus — Solomon’s pet consumer lending project — that he had been handed in September.

“Ismail leaving is a bad signal,” said the former Goldman insider. “He was supposed to be the future.”

Lane and Ismail were promoted as part of a talent shakeup in September that saw purported Solomon favorite Stephanie Cohen elevated to co-head of the bank’s consumer banking and wealth management group.

That move put Cohen firmly in the running to be Solomon’s possible successor, which some watchers say may have kicked off the exodus, starting with Goldman’s former co-head of global investment banking Gregg Lemkau, who shocked Wall Street by taking his leave after almost 30 years in November.

“When Lemkau left, it opened some eyes,” said the former Goldman banker. “People realized that your spot on the ladder hasn’t changed, it’s a whole new ladder.”

Insiders say that Seymour’s departure, by contrast, may actually have created an opportunity for Solomon, who wanted Kathy Ruemmler to fill the top legal job when Blankfein tapped Seymour for the job in 2017.

Seymour recently negotiated the bank’s record-setting $3 billion plea deal to settle charges for its role in the star-studded 1MDB corruption scandal, but she has also been dealing with an explosive civil suit filed in October alleging she and her team staged a sham investigation to cover up a steamy office affair between top lieutenant Darrell Cafasso and a younger subordinate.

Goldman has denied the allegations but a judge recently denied Goldman’s request to quash it.

“Seymour wasn’t David’s person,” claimed another former Goldman banker.

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Disneyland fans forced to wait hours to buy a ticket online

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Disneyland fans forced to wait hours to buy a ticket online

Disneyland fans who have been waiting over a year for the popular theme park to reopen are being forced to wait hours to snag a ticket online as demand heats up.

The Anaheim, Calif.-based park started selling tickets again on Thursday ahead of its planned April 30 reopening. But within a few hours of the ticket window reopening, the website was overwhelmed — creating a backlog that continued into Friday, according to social media posts.

“Remember when we were Annual Passholders and we didn’t have to deal with this queue bulls–t,” tweeted one fan.

The company on Friday acknowledged that guests may have to wait “several hours of more” for a ticket.

“We are experiencing high demand given the historic nature of the Disneyland Resort’s reopening,” a spokesman from Disneyland told The Post. “To deliver a strong guest experience, we are deliberately pulsing guests through the system. Wait times may be several hours or more depending on when you joined the queue.”

On Friday morning around 9 a.m. ET, the queue’s wait time was only around 20 minutes before ballooning to more than an hour just two hours later.

“We still have plenty of reservation availability, and we plan to keep the system open to accommodate the demand,” the spokesman added. “Please don’t refresh and we will get you through the queue as soon as we can. We know you are just as excited to return to the Disneyland Resort as we are to welcome you back, and we thank you for your patience as we work to accommodate as many guests as possible.”

While some Mickey fans were able to book tickets, others griped on Twitter that Disneyland’s site timed out or they landed on a webpage with the Seven Dwarfs that read: “We’re Working on It. This page is temporarily unavailable. Rest assured, we’ll fix the issue soon, so please try again later.”

Frustrated fans took to Twitter to air their grievances Thursday and Friday.

“For those of us trying to get #Disneyland tickets this morning,” read a tweet that included an encouraging “Star Wars” gif that read “May the Force be with us.”

Another weary customer tweeted: “I have a feeling this image will haunt me for the rest of my life… #Disneyland.” The tweet a cartoon image of the park’s ride “Big Thunder Mountain Railroad” that was accompanied by the Mouse House’s boilerplate message to “Please Sit Tight” wait on line.

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Dogecoin jumps again to double record rally price

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Dogecoin jumps again to double record rally price

Dogecoin has doubled from its Wednesday morning rally to reach prices of more than $0.30 Thursday night.

The dog meme-inspired cryptocurrency — that began as a joke — is up 400 percent over the past week, according to Coindesk.

The surge came a day after Wednesday’s stock market debut for the cryptocurrency exchange Coinbase, which was considered a sign of Wall Street’s acceptance of crypto. However, Dogecoin is not listed on Coinbase.

Doge was the No. 1 trending topic on Twitter Thursday night, and at least one user told The Post they were unable to purchase the currency on Robinhood, due to the app crashing as its value skyrocketed.

“Doge Barking at the Moon,” tweeted SpaceX’s Elon Musk, who once said Dogecoin is his favorite Bitcoin rival.

“Me on Robinhood checking if #dogecoin has reached the moon every 2 seconds,” another user tweeted.

“There is fixing to be a lot of Meme Millionaires,” one user posted.

Dallas Mavericks owner Marc Cuban began accepting Dogecoin for payment for NBA tickets and merchandise last month.

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Robinhood sues Massachusetts over regulatory clampdown

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Robinhood sues Massachusetts over regulatory clampdown

 Online brokerage Robinhood on Thursday sued to invalidate Massachusetts’ recently-adopted fiduciary rule and block state regulators from proceeding with charges it encourages inexperienced investors to place risky trades without limits.

Robinhood in a lawsuit filed in state court in Boston said the fiduciary standard of conduct for broker-dealers that Massachusetts Secretary of State Bill Galvin’s office adopted last year violates state and federal law.

A spokeswoman for Galvin did not respond to a request for comment.

Galvin, the state’s top securities regulator, in December filed an administrative case accusing Robinhood of using aggressive tactics to attract inexperienced investors and failing to prevent outages on its platform.

He accused the app-based service of using strategies that treated trading like a game to lure young, inexperienced customers, including having confetti rain down for each trade made on its app.

The case is the first enforcement action brought under a state fiduciary rule adopted in September that raised the investment-advice standard for brokers.

Regulators are seeking a fine and order requiring Robinhood to engage a compliance consultant to review its platform and policies. Robinhood has denied wrongdoing.

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