If Montag’s appointment is Solomon including an ally to a board that’s turned in opposition to him (and there’s no proof it has), it’s an odd selection. The 2 weren’t significantly shut at Goldman, based on senior executives who know each males. They have been in several divisions — Solomon in funding banking, Montag in buying and selling — and Montag was in Japan for a lot of the time that Solomon, who joined Goldman in 1999, was on the rise.
If it’s a rebuttal to criticism that has percolated for months that Goldman’s board is weak, there are candidates who would add muscle with out the bags that Montag brings. At Financial institution of America, he was generally known as a tricky boss who’s administration fashion grated and who allowed what one lawsuit from a junior feminine worker known as a “bro’s membership” environment.
Goldman, and Solomon, have battled a few of that, too. The agency paid $215 million final month to settle a long-running gender-discrimination swimsuit, and paid $12 million to settle a departing feminine associate’s claims of a sexist tradition, a grievance that included one off-color comment by Solomon, Bloomberg reported. (I’ve confirmed the main points.)
Although Solomon made range within the senior ranks a precedence, a gentle march of senior girls out of the place — Katie Koch, Heather Miner, Margaret Anadu, Dina Powell, Jo Natauri — is beginning to congeal right into a narrative.
And his hard-driving method to return-to-work — one shared by Montag, who saved a spreadsheet of staff working from dwelling versus the workplace — bristled underlings.
All of which makes Montag an odd selection at a time when Solomon’s fashion is grating on the agency’s workforce. Goldman’s 350-odd companions are as angsty as I’ve ever seen them, fuming about strategic blunders and a wrenching of Goldman’s tradition from its clubby roots as a non-public partnership towards Solomon’s imaginative and prescient of a smooth-edged Fortune 500 firm run by an imperial CEO.
You by no means know precisely what’s occurring in a boardroom, however executives who’ve interacted with Goldman’s administrators say they’ve gotten much less pushback and engagement than prior to now from this crew, which incorporates former CEOs like ArcelorMittal’s Lakshmi Mittal and DuPont’s Ellen Kullman, plus an ex-Navy admiral and Wellington govt.