David Solomon on DJ Career
TL;DR
David Solomon, Goldman Sachs CEO, pursued a professional DJ career but faced scrutiny, leading him to step back from club performances.
Key Points
He released an official remix of Whitney Houston's "I Wanna Dance With Somebody" in June 2022, which became a notable hit for his DJ career.
The CEO reportedly called time on his side hustle of deejaying at nightclubs following criticism concerning the bank's performance and ethical optics.
Proceeds from his Payback Records label, established to support his DJ hobby, were directed to charities combating opioid addiction.
Summary
David Solomon, the Chief Executive Officer of Goldman Sachs, maintained a significant side career as a professional electronic dance music DJ under the moniker DJ D-Sol. This dual professional life garnered substantial media attention, as he performed at nightclubs and large music festivals, often releasing his own remixes. Despite his high-level banking role, Solomon pursued the DJ work seriously, with his music gaining some traction and proceeds from his record label supporting charities focused on opioid addiction. This pursuit, however, became a source of controversy regarding the image and ethics of leading a major Wall Street firm.
The professional DJ work eventually led to internal and external conflict, particularly as Goldman Sachs experienced difficult financial periods. Criticism centered on the optics of the CEO playing at venues notorious for issues like drug use, with one board member citing reputational risk compared to a typical banker hobby like golfing. This scrutiny intensified when it emerged that a client of the bank, who was involved in securing a remix right for Solomon, later appeared on a Goldman Sachs list of entrepreneurs overseen by the CEO, raising potential conflict of interest concerns. Consequently, the CEO reportedly decided to stop performing at nightclubs and festivals as he navigated the ethical and reputational pressures associated with his sideline.
Key Quotes
“No one has ever OD'd at Pine Valley or Shinnecock [golf clubs]. There's a reputational thing.”
Frequently Asked Questions
David Solomon has reportedly stepped back from his professional DJ career, specifically ceasing to perform at nightclubs and music festivals. This decision followed significant scrutiny regarding the appropriateness of such a high-profile side hustle while leading Goldman Sachs during challenging times.
While David Solomon, the CEO, likely did not need the extra income from DJing, the proceeds from his record label, Payback Records, were donated to charities fighting opioid addiction. However, the issue was less about personal profit and more about reputation and potential conflicts of interest.
The pressure from internal and external sources appears to have prompted David Solomon to halt his DJ performances. Criticism was tied to the optics of his gigs, especially during periods of corporate difficulty, and concerns over potential conflicts of interest involving bank clients.
Sources3
When a CEO moonlighted as a DJ
Goldman Sachs CEO on lolla 2022 lineup as DJ : r/Lollapalooza
The Record Spins On for Goldman Sachs's Executive DJ
* This is not an exhaustive list of sources.