Connect with us


Is Wall Block doing enough to ostracize Russia? Goldman Sachs CEO: “That’s not our job.”




David Solomon, chief executive of Goldman Sachs, delivered an unusually powerful message last week as Russia’s invasion of Ukraine intensified.

He wrote that “no one can fail to see it for what is” in a message to his global staff of around 40,000. Our hearts go out to the Ukrainian people and all those in danger. Their bravery and resilience are an inspiration to the whole world.

Solomon wrote in his memo that the 153-year old banking giant was “winding down its Russian business” to comply with U.S. sanctions. He also committed $2 million to organizations offering food and clothing and other forms of emergency assistance for Ukrainian families.

Solomon, 60, is now faced with a new challenge as wartime CEO after the invasion. After nearly 20 years of service at Goldman Sachs, Solomon was named chief executive, including managing various units, including the investment banking unit. Solomon has worked hard to diversify its revenue streams by increasing its wealth management, consumer banking, and asset management divisions. Solomon was forced to defend the new strategy after it became controversial. Financial markets have become more volatile since 2022.


Solomon’s main challenge this year will be to get the bank back on track after 2021, when it achieved record revenue and profit and had its highest return of equity since 2007. The board of directors at Goldman awarded Solomon a staggering $35 million salary package for his contribution to last year’s growth.

Before the conflict in Ukraine, Solomon and his executive team had their sights set on another type of battle: the fierce struggle for dominance among Wall Street’s elite banks. The ability of Goldman to attract and retain young talent is a major part of this competition. This explains Solomon’s long-standing obsession with modernizing workplace standards and operations. He has led an effort to lower dress codes and increase the starting salary for programmers in recent years. He encouraged bankers at the firm to not work weekends unless they were closing deals.

The proposed reforms led Vanity Fair in 2018 to call him “One Woke dude” in a headline. He has been a tireless worker to dismantle siloed thinking and encourage collaboration. Solomon states, “We encourage people to be entrepreneurs and to find new ways to serve our clients or grow the business.” They can make a huge impact on the company. It’s something that I believe many of them find very fulfilling. This is one of the main reasons we have been able to hold onto people.”

Solomon recently spoke with TIME about his large income and why Wall Street is attractive to millennials, and Gen Z. He also discussed the role that big banks should and shouldn’t play in geopolitical conflicts such as Ukraine.

Are you satisfied that the financial industry played a responsible role in Russia’s invasion of Ukraine? Do you think Wall Street could do more to help Ukraine?

I am not usually the one that handles informing you that large financial institutions are responsible for ostracizing Russia. We work in a financial system with a regulatory and government overlay. In this instance, the [U.S.] government has placed sanctions on Russia. Our responsibility is to ensure that we execute against the lawful letter and spirit of these sanctions.


It is not like a light switch. It can’t be turned off. It can’t be turned off. There are contracts between people. You have to end those contracts. So we are currently working to unwind our Russian business. Although our Russian business was small compared to the rest of the world, the West has placed serious sanctions on Russia. We have to act, and we are doing so.

Businesses are not supposed to determine how global trade is conducted in the world. The government sets the policy, and businesses then follow it. This policy is one that I strongly support. The situation in Ukraine is truly terrible. The actions taken were reasonable and effective, I believe. You might ask, “Are we doing a good thing, ostracizing Russia?” We aren’t usually the ones that handle this. This is the entire financial industry.

It’s not… It’s not… It’s not clear to me how Russia is being ostracized. We adhere to the laws, both in spirit and letter.

Are there any hardships that the sanctions might cause for the banking sector in general or Goldman in particular?

Although I would not use the term hardships, there is no doubt that they exist. When you take a participant–Russia–in global markets and the financial system, and you disconnect them or turn them off, they will be losses. This change in participation can lead to losses. There are certain losses in financial systems and the banking community. However, there are also losses in investor communities.

Do you feel any pressure to make changes in your leadership style as Goldman seeks to attract more Gen Z workers and millennial workers to its offices? No, young people are demanding a new kind of leadership.


That workforce doesn’t pressure me. The workforce demands more transparency, purpose, and authenticity. They are looking for approachable leaders. When I was in my 20s, the CEO was in an ivory tower, inaccessible and untouchable. They were a mystery to most people. It’s hard to get close enough to them. I think of today with the transparency of the globe, social media, access, and communication. Leaders are more visible. They don’t just want to see you as a tough-nosed decision-maker. They want to know who you are as a person. They want to see you as a person. They’re very demanding. They want to know that they are working for a company with a purpose. They want to feel that they are working for someone they can relate to and that their company has a sense of purpose. That’s an evolution, I believe.

Although I don’t feel any pressure to do so, I think the world has evolved in that way. That’s a good thing. This doesn’t mean there isn’t hierarchy within organizations. This doesn’t mean that you shouldn’t work hard, earn your way, and show yourself a success. These are all important for professional success.

These days, there’s much talk about future work and work-life balance. Ideas you have been struggling with throughout your career. Are there any changes to your workplace that were inspired by the pandemic?

Yes, I get the question. It is interesting to note that the future of work has been more closely tied to people returning to work, such as offices. Over a long time, I have always believed that to be competitive for a workforce (Goldman Sachs is a highly-skilled, highly valued group of people), you need to think about what makes it an attractive place to work. However, this doesn’t necessarily mean that everyone can work wherever and whenever they like. While businesses do this, ours is an apprenticeship-oriented business that works collaboratively with other businesses. We bring people together.

Are you a reformer? You’ve been a reformer in many organizations you have worked.

I put my stamp on everything. It’s different from being a reformer to put your stamp on things. Although I wouldn’t say I like the term reformer, what I would hope that the people at the firm would say is that I am someone who lays out a strategic plan and encourages and supports the leadership team to improve our business and grow our company. I am willing to make difficult decisions. Because sometimes, that’s the job of the leader. You’re not always going to be completely popular for every single decision you make. You need to listen and be open to other people’s points of view. It’s not easy to be a CEO. You have the final say.


Are there any recent decisions that show what you are talking about?

Sure. There are many of them. Since I was appointed CEO, there have been many changes in the business’ structure. This was a big problem in the organization. I decided to combine the various asset management businesses from the firm, which different people ran, and create an asset management division and a consumer wealth division. It seemed obvious to combine all of your asset management businesses into one division. This allows you to manage all your capital sources and all clients you manage. It isn’t a crazy idea. It was, however, a radical idea that people rejected when we suggested it. Some people left because we were moving in a direction they didn’t like. The bottom line, Goldman Sachs has become a lot more powerful. It wasn’t easy to make that decision.

You’ve also recently defended this strategy. Can you tell us why you believe it works?

Our strategy was to invest in core businesses and increase market share. Our core businesses have gained market share. We have also made significant progress on our four growth platforms, including transaction banking, asset management, wealth management, and digital consumer platform. We’ve also reduced costs. Last year was a great year for monetary and fiscal policy. We also outperformed our [return-on-equity] targets. We see lots of opportunities in the areas we are growing, which we are very excited about.

You were awarded a $35 million salary package based on Goldman Sachs’ record-breaking 2021 performance. What advice would you give to CEOs concerned about the rising salaries?

First of all, my compensation is not determined by me. My compensation is determined by the market for these positions and jobs. Our overall performance was exceptional. Our book value grew by 20.5%. Our return on equity was 23%. We delivered for shareholders.

There will always be skepticism about how much money people make running public companies. There are many businesses, private and public, where I have earned more than you. There is a strongly competitive market. That’s something I believe the board considers when they pay CEOs of public companies. If we deliver, we do well. We don’t deliver. We do less well. Aside from that, 70% of my compensation is long-term compensation. Whether you get it or not, and how much it’s worth, will depend on the next three years.


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.


SpaceX has reportedly fired employees who were critical of SpaceX CEO Elon Musk. The report.




SpaceX, the rocket ship business controlled by Tesla CEO Elon Musk, has fired several employees involved with an unsigned letter that condemned the flamboyant billionaire for his behavior. According to reports in the media,

SpaceX, The rocket ship business managed by Tesla CEO Elon Musk, has fired several employees who were involved with an unsigned letter that condemned the billionaire’s colorful personality for his conduct, According to reports in the media.

The news reports released on Friday reported an email sent by Gwynne Shotwell, SpaceX’s chief executive, claiming that the company had dismissed employees who had written and distributed the letter. The letter’s authors criticized Musk for his actions, which they claimed are a “frequent source of distraction and embarrassment for us, particularly in recent weeks.”

The New York Times was the first newspaper to publish a report on the purge based on details from three employees who knew about the incident. The employees were not identified.


It’s unclear how many SpaceX employees were fired; however, Shotwell did not conceal the fact that the company thought they had crossed an unacceptable threshold.

“The letter, solicitations, and general process made employees feel uncomfortable, intimidated and bullied, and angry because the letter pressured them to sign onto something that did not reflect their views,” Shotwell wrote in her email, as reported by the Times. “We have too much critical work to accomplish and no need for this kind of overreaching activism.”

The dismissals took place on Thursday. The exact day Musk spoke to Twitter users for the first time regarding the USD44 billion deal that he had signed to bring the social media platform to his empire of business. The agreement is still in doubt as Musk investigates whether Twitter hides the number of fake accounts on its platform.

While the Twitter drama unfolded, there was a report the following day that Musk was able to pay USD250,000 for a female flight attendant to stop a possible sexual harassment suit against Musk. Musk has denied the accusations of sexual harassment, and in the last month, Shotwell sent an email message to SpaceX employees stating that she believed the allegations were false.

In the past few weeks, Musk has also crudely mocked the appearance of Microsoft co-founder Bill Gates on Twitter and posted an emoji with poop during a discussion online in which he was joined by Twitter the CEO Parag Agrawal.


The open letter written by SpaceX employees that criticized Musk said that Musk’s tweets to his followers of 98 million painted SpaceX in a bad image.

“As our CEO and most prominent spokesperson, Elon is seen as the face of SpaceX. Every tweet that Elon sends is a de facto public statement by the company,” the letter reads. “It is essential to communicate to our employees and the potential employees that Elon’s messages do not reflect our mission as a company, our mission, or our beliefs.

Continue Reading


10 Legal Steps Every Small Business Should Take.




Are you thinking of opening the first mortgage broker of your own? If you’re an entrepreneur, you are an exceptional breed. Do not be afraid to dream big and risk-taking chances. You know that common sense is the way to the top job: running your own company.

Before transforming your idea into reality, ensure that you are on track by following these simple steps to begin your small-scale business, increase your profits and minimize the risk you take.

1. Decide on a Business Type

The kind of entity you select for your business — whether you’re a sole proprietorship or partnership, a limited liability corporation, or an s-corporation will determine how you file your taxes and provides legal safeguards, and, most importantly, restricts your liability. You also record your details with the federal government when you incorporate your business.

2. Protect Yourself With a Business Prenup

Are you launching with a partner? Buy-sell agreements protect everyone from situations that may complicate ownership. If one of the partners wants to leave divorced, divorced, or dies, The buy-sell understanding could help avoid difficult conditions in which ownership shares are transferred to the wrong party.


3. Map Out a Corporate Blueprint

Corporate bylaws outline the organization of your small-scale business. Are you a member of an executive board and shareholders or any other corporate officers? Corporate bylaws put all the ducks in a row and define the meeting rules and timetable. This is the blueprint of your business.

4. Draft a Solid Business Plan

Business plans serve two purposes. They provide an outline that will help you remain focused on your small-business goals and strategies. They can also be used to pitch to investors and banks if you require some money.

5. Protect Your Secrets

As you begin to hire individuals and create collaborations with other businesses or contractors, a non-disclosure contract protects your private information from being misused. It also defines the information that is acceptable to disclose.

6. Stay Compliant With Corporate Minutes

States have a requirement that some document is kept of the discussions and decisions made during official meetings of shareholders and boards. Corporate minutes documents can record all the details to be registered so that your business complies with all regulations.

7. Manage Expectations With an Employment Agreement

Small businesses need people to prosper, and an employment contract safeguards all parties by putting expectations into writing. The claims of discrimination and injuries are rising. Even though employment agreements aren’t able to prevent the possibility of lawsuits, they do minimize risk by defining the rules, obligations, and expectations of everyone.


8. Expand Your Abilities With Independent Contractors

Certain circumstances require special assistance, such as the design of graphics or PR. If you employ someone who isn’t an employee for some help, such as an independent contractor agreement, it can ensure everyone is on the same page moving forward.

9. Settle on a Location

The saying goes that it’s all about location, especially in the case of businesses that have clients, sell products, or offers services on-site. Commercial real estate leasing can help ensure that the rental contract is sturdy and that the relationship between the landlord and tenant is secure.

10. Plan Ahead

Your small-scale business can be a significant asset and a source of personal income. If something happens, you need to make a testamentary will to protect your family and business from unnecessary costs, taxation, estate taxes, and possible disputes.

If you are on the road toward entrepreneurship, you may encounter situations where you may need some advice from an expert. Find a SCORE mentor who will guide you in the proper direction.

Continue Reading


5 Ways to Grow Your MSP Business.




As companies look for new ways to boost profit and revenue, They are increasingly turning towards managed service companies (MSPs) to manage the essential IT tasks. In the end, MSPs are expected to grow in the MSP market is predicted to grow to more than $300 billion over five years.

Naturally, when the market expands and competition increases between MSP firms. How can an MSP company stand out and make the most of the growing demand for these services?

Here are some suggestions for MSPs seeking to ensure that their MSP business grows with the market’s demand.

1. Know your customers.

Although businesses that sell goods benefit from loyal customers who come back repeatedly, the customer relationship is more important for MSPs. Clients entrust the continuous health of their business to the services you offer, and therefore you must know your customers’ objectives and requirements thoroughly. If your customers know they are genuinely concerned about their success, they’ll take care of your marketing.


A thorough understanding of your customers ‘ needs does more than help you deliver superior service. It helps you know your ideal customers and allows you to better identify your value proposition to future customers- a process that is notoriously difficult for many companies.

Utilize your existing relationships to construct perfect customer profiles. This will allow you to focus your marketing budget on clients with whom the likelihood of closing the deal is high, thereby increasing the return on investment from the marketing. Scattershot marketing campaigns can bring you new customers; however, they’re generally more costly and less effective than targeted marketing campaigns targeting potential customers who are already primed to be listened to.

Knowing who your clients are is essential when you are developing your offerings. Based on the lessons you have learned from your relationships with clients and interactions, you can enhance your services and focus on the ones that your clients (and likely future customers) are most interested in, the ones which make them want to choose to work with you instead of another MSP.

2. Align values.

ESG (environmental, social, societal, and governance) aspects are becoming increasingly important for shareholders and clients in the present business climate. Organizations that can show potential customers that they share objectives in this area can get an advantage in concluding a deal.

One of the most critical aspects of understanding your customers is their preferences and how your company fits those values. For many clients, it is vital to demonstrate an interest in the diversity of your customers. For some, it’s crucial to consider reducing your business’s carbon footprint. In the case of others, it’s a commitment to your local community.


Consider whether your ESG initiatives can be a practical element in your proposition of value and branding. If you think yes, it is, then you must promote common values when marketing if you don’t consider whether you should rethink how your business handles ESG.

3. Always reinforce your client relations.

Maintaining the satisfaction of your current customers is as crucial as bringing on new customers. Reducing the number of clients who leave your company reduces stress on your finances and your employees’ time (and probably the time you spend). Happy clients will help introduce you to or promote your business to potential buyers.

Building solid relationships with your clients involves more than simply calling your clients whenever you need to or when there’s an issue. Finding “authentic reasons” to contact your clients is much easier than you imagine. There are plenty of ways to keep in constant contact with your customers without feeling like you’re intrusive.

For instance:

  • Offer them relevant information: Customers love content, provided it’s not general. In reality, they are open to information that will assist their business or is pertinent to their interests. Therefore, consider ways to create specific content for your clients.
  • Maybe you could create a blog to optimize MSP clients’ work and minimize expenses. Perhaps you could send your client an article that outlines an innovative solution to an issue they’re experiencing or a whitepaper on developments in the field of their services.
  • Be sure to take care when using personal contact. While it’s not much effort to communicate with others via Facebook, there could be a hazard when using your accounts rather than one for your business. Use your discretion!
  • Find out about events that allow you to have a personal meeting. Don’t think about the value of a personal touch. Face-to-face meetings are one of the most effective methods of building long-lasting customer relationships.
  • There’s no have to go long to locate an opportunity. Invite your customers to attend an MSP event or conference within their industry. Plan a client gathering within your business or, if the event is within your budget, attend an event for the community (such as a concert, sports event, or fundraising event). Please invite them for breakfast or coffee so that it is possible to introduce them to a friend who can assist them in an aspect of their work.

4. Sell for the value you are paying, not at low prices.

If you are focused on always providing the lowest price, you’re doing your business wrong. There will be clients, but they’ll typically be customers who are challenging and difficult to deal with. If an opponent lowers its price and clients leave, they will abandon your business.

Low-cost work also causes tension within the company, forcing them to discover other methods to increase profits. Employees’ morale suffers, as do owners and managers who will always be concerned about reducing costs. If, instead, you insist on the benefit you can offer to your clients; pricing is no longer a concern. It doesn’t mean your clients will never be able to question your pricing. If you demonstrate to your customers that you offer an unbeatable value proposition, you’ll be able to charge more for it.


5. Make sure you provide the best user experience.

Your business may be most advanced in technology and efficient for all your customers. However, if it’s not easy to navigate and use your customers, they will move to cheaper options.

Be sure that your customers have easy, attractive, and enjoyable ways to interact with your offerings, in addition to simple and effective methods for contacting your company if your business provides data. Design easily-to-use, custom-built dashboards for displaying data. Incorporate highly efficient collaborative tools in your service.

The user experience is equally crucial internal. Automate every phase of your process to improve your employees’ user experience. Automation improves your effectiveness and allows you to create a continuous contact with your customers. Using pre-made documents, such as statements of profit and loss templates, or using automated email marketing, you and your business can significantly benefit from automation.

Find a Partner who will help grow your MSP. Your Business

It’s a fantastic moment to start or work as an MSP, especially in this time of hybrid and remote work. There are endless growth opportunities and just an effort to make the most of these.

But, having an expert partner can aid. A cloud solution provider that has won awards, such as Sherweb, has the resources and experience that can assist MSPs benefit from the abovementioned strategies. Visit our Partner Guide for more details, or join our Partner Network to start.


Continue Reading