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Goldman Sachs chief used bank's private jet for side gig as a DJ

David Solomon Goldman Sachs Private Plane DJ - Christopher Polk/Shutterstock
David Solomon Goldman Sachs Private Plane DJ - Christopher Polk/Shutterstock

The chief executive of Goldman Sachs has used the bank’s private jet to help with his hobby as a part-time dance music DJ.

In late July, Mr Solomon flew into Chicago on Goldman’s privately owned Gulfstream G650 to meet with clients and employees, Business Insider reported, before playing a set at the Lollapalooza music festival.

“Lolla was full of special moments, but this was the best,” Mr Solomon said in a post to his personal Instagram account, which showed a video of himself performing a song he co-wrote with OneRepublic frontman, Ryan Tedder.

The clip featured smoke machines, neon lights and enraptured crowds of young people dancing to his music.

Mr Solomon, who has run Goldman Sachs since 2018, is well-known for his musical hobby, with 1.2m monthly listeners on Spotify. However, this is the first time his use of the corporate jet to get to a gig has come to light.

Board members at Goldman Sachs are said to be concerned by his use of the bank’s private plane to travel to festivals, Business Insider said. The bank has disputed this.

David Solomon - Christopher Polk/Shutterstock
David Solomon - Christopher Polk/Shutterstock

“David Solomon is singularly focused on the success of Goldman Sachs, tirelessly engaging with our clients and people,” Tim O'Neill, a member of Goldman's management committee, said in a statement.

Mr Solomon's use of the £59m corporate jet for the Chicago trip was considered both a business and a personal expense, a Goldman representative said.

Under the bank’s policy, Mr Solomon must reimburse Goldman any costs associated with personal elements of the trip but the bank does not publicly disclose those expenses.

It is not the first time Mr Solomon’s musical sideline has faced scrutiny. In 2020, he was forced to apologise after he performed at a concert in the Hamptons with the Chainsmokers in violation of New York state’s Covid rules.

Board members were also said to have been uncomfortable with his decision to play a set at the Belgian music festival Tomorrowland in 2019, the Financial Times reported.

Until recently he went by the stage name DJ D-Sol, which raised eyebrows among some staff. His most listened to song on Spotify – “Future In Your Hands” – has racked up 1.4m plays.

Goldman Sachs’s stock is up around 43pc since Mr Solomon took over but the investment bank is valued less richly than rivals Morgan Stanley and JPMorgan.