Wall Street: Another David Solomon remix

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10 THINGS ON WALL STREET

Good morning. This is Michelle Abrego with today's edition of 10 Things on Wall Street.  

Lots of leadership shakeups on Wall Street happening! We also have the latest tactic hedge fund billionaires are using to avoid taxes, "desk-bombing," and advice on dealing with a new boss

First up, we'll be delving into a major leadership shakeup at Goldman Sachs.


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An image of David Solomon at the DJ booth

1. David Solomon is changing up Goldman Sachs divisions like he switches tracks.

Goldman Sachs's third restructuring in four years comes as insiders have been questioning the direction that Solomon is taking the storied investment bank in.

Just days before the major shake-up at Goldman hit the news, Solomon was mingling with celebrities including Kim Kardashian at a conference for "builders and innovators". It's all a bit too much for critics of the chief executive — whose DJ side hustle has already ruffled feathers. 

The Wall Street giant will shift to three divisions from four, according to reports.  

It will reunite its asset management and private wealth businesses — a unit its struggling Marcus business will be rolled into. Its investment banking and trading operations will make up another group. And the third division will house the transaction banking business, the GreenSky buy now, pay later business that Goldman bought last year, and its credit card partnerships with corporates like Apple and General Motors.

As Insider's Dakin Campbell has reported, part of their concern was that Solomon has put the wrong people in charge of key businesses. The reshuffle could be seen as his attempt to appease shareholders, board members, and partners at the firm. Third time's a charm!

More details are likely on their way, as the bank is set to deliver its third-quarter earnings today.

But first, read Dakin's rundown of who's up and who's down in the latest Goldman Sachs restructuring under CEO David Solomon.  


In other news:

This illustration photo shows a sign with the logo of Switzerland's second largest bank

2. Credit Suisse is preparing to unveil its turnaround to investors soon. The bank is looking to make a comeback on the back of scandals and losses. According to reports, part of that plan could be the sale of its US asset management arm. The Swiss bank's investment bank chief Christian Meissner is also set to leave the company in the coming weeks. There are expectations his unit will cease to exist in its current form. 

3. He's not the only investment banking chief on his way out. JPMorgan Chase's Carlos Hernandez, a member of Jamie Dimon's inner management circle, will retire next year. 

4. There's a lot of leadership reshuffling happening on Wall Street. And chances are that you or someone you know might be working under a new manager. Here's what to do if you're having a hard time connecting with your new boss. 

5. Goldman Sachs conquering cancer? That's a question for many who have come across the bank's new recruiting campaign. With phrases like "Helping conquer cancer with AI is possible" alongside photos of hopeful, smiling folks — the ads have left insiders puzzled

6. Hedge fund billionaires have found a novel way of keeping hold of their money. They're getting tax breaks by giving money to charity without actually handing it over. They donate to charities through their own foundations and invest in their own funds. Bloomberg breaks it down. 

7. Former president Donald Trump's ugly breakup with Deutsche Bank has been detailed in a new court filing. New York's attorney general, Letitia James filing reveals decade-long banking relationship ended with an 11-minute Skype call. 

8. Are you a desk-bomber? No, that's not the latest TikTok trend. It's actually just when you walk over to someone's desk and ask them something seemingly innocuous like, "Hey, did you get a chance to set up that meeting?" 

9. Mastercard wants to expand access to crypto. It's pairing up with the digital assets-trading platform Paxos to offer banks support on security and regulatory compliance. 

10. We talk a lot about pitch decks here, but how do you actually make one? A former aspiring actress who pivoted to designing pitch decks for a living has got you covered. And while you are at it, check out all these decks that helped fintechs raise millions.


Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief. Listen here.


Edited by Jeffrey Cane (tweet @jeffrey_cane) and Lisa Ryan (tweet @lisarya) in New York.

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