The Wall Street giant laid off hundreds of staff in the second quarter, adding to a round of cuts in January of about 3,200 employees, the biggest reduction since the 2008 financial crisis. Solomon did not respond to a Reuters request for comment. Several board members did not respond to requests for comment, while others could not be reached for comment.Ī Goldman Sachs spokeswoman said in a statement: "David and the leadership team are focused on executing on the strategic goals we laid out at investor day to grow and strengthen our existing businesses, diversify our products and services and operate more efficiently." The board's secretary did not respond to direct requests for comment. Known as an intense and hands-on boss, he is expected to fortify Solomon's position, according to five senior sources who worked with the executives. Montag previously worked at Goldman for 22 years and served as the co-head of its global securities business.
Montag was recommended by the board's nominating committee to join as an independent director, according to a regulatory filing last month. Solomon approached former Bank of America Chief Operating Officer Tom Montag after his retirement to discuss a Goldman board seat, according to two sources with knowledge of the situation. The retail arm lost $3 billion in three years and is being slimmed down. Goldman's profit dropped 60% in the second quarter, missing Wall Street forecasts, as its retreat from consumer businesses and declining investment values reduced its earnings by $1.4 billion.
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