**David Solomon Faces Criticism from College Students Over Climate Change Discussion**
Goldman Sachs Chairman and CEO, David Solomon, is under scrutiny once again, this time for his interaction with college students during a trustee networking event. A group of seniors from Hamilton College accused Solomon of “blatant ignorance and disrespect” as they discussed the school’s investments in fossil fuels.
**Claims of Ignorance and Disrespect**
According to a letter written by three members of the class of 2023 and published on the school newspaper’s website, the students accused Solomon of making insensitive remarks. They claimed that he boasted about doing more in a week to combat climate change than they ever would. Solomon also allegedly suggested that the students, most of whom were people of color and non-male, should feel indebted to the endowment they were questioning because they had received financial aid.
The students found Solomon’s remarks offensive and expressed their frustration in the letter, which was reported by New York Magazine. Solomon serves as the chair of the board of trustees at Hamilton College, a liberal arts institution with approximately 2,000 students.
**Growing Unrest Within Goldman Sachs**
The incident involving Solomon and the Hamilton College students has drawn further attention to the internal unrest within Goldman Sachs. The tensions have been building up over the past year, especially during the pandemic. Despite the company’s record profits, frustrations have intensified due to a slowdown in core business lines and losses from the abandoned foray into consumer banking.
Solomon’s management style and use of the corporate jet for personal reasons have also been criticized. These issues, combined with the departure of high-profile executives, including some women, have raised concerns about the firm’s culture.
**Goldman Sachs Disputes the Claims**
In response to the accusations made by the Hamilton College students, a representative for the college declined to comment. However, Goldman Sachs spokesman Tony Fratto defended Solomon and stated that he did not make remarks to offend the students. Fratto did not elaborate on which specific claims he was disputing.
**Controversial Remarks and Departures**
The students’ letter described Solomon’s dismissive attitude towards fossil-fuel divestment and his suggestion that the students should witness how the world “really worked” in countries like China, India, and Cambodia. Shortly after, Solomon held a Goldman Sachs board meeting in India.
Despite the internal criticism and controversies surrounding Solomon, Goldman Sachs achieved record results in 2021, and the stock has risen by over 50% since he assumed the CEO role almost five years ago. However, the firm has experienced a significant number of senior departures, with some executives leaving shortly after taking new positions. Additionally, several high-ranking women have exited amid concerns about the company’s culture.
**Attempts to Address Internal Issues**
Goldman Sachs has taken steps to address the internal problems it is facing. The company has brought back experienced individuals in key roles, such as Tom Montag, who was named to the board of directors. Montag, who spent more than two decades at Goldman Sachs, previously worked with Solomon in investment banking. Russell Horwitz, a trusted associate of former CEO Lloyd Blankfein, has also returned as chief of staff, a role that aims to foster consensus within top management.
In conclusion, David Solomon, Chairman and CEO of Goldman Sachs, has faced criticism from college students over his remarks about climate change and the school’s investments in fossil fuels during a trustee networking event at Hamilton College. The incident has shed light on the growing internal unrest within the company, which has been further aggravated by issues tied to the business and specific complaints about Solomon’s management style. Goldman Sachs has disputed the students’ claims and has taken steps to address the internal challenges it is currently facing.
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