Goldman Sachs’ New CEO David Solomon has Positive Cryptocurrency History
David Solomon who is largely expected to be the next CEO for Goldman Sachs is expected to maintain the bank’s strengths while exploring the new class of digital assets. Mr. Solomon will succeed Lloyd Blankfein as the next CEO of the investment bank. This is according to sources that were cited by the New York Times. The announcement will most likely be made on the Q2 earnings call on Tuesday.
The Future For Blankfein
Blankfein has presided over Goldman Sachs for twelve years. He will remain at the investment bank for the transition period until he finally moves on. The announcement during the Q2 earnings call will include information on the handover. However, there is no indication on who will be the CEO’s new deputy.
— Goldman Sachs (@GoldmanSachs) July 17, 2018
Goldman Sachs' New CEO David Solomon has Positive Cryptocurrency History
Blankfein has previously commented on his personal curiosity when Bitcoin was first launched. This was after he responded to a comment by JP Morgan Chase CEO Dimon who called crypto a fraud. In a tweet, he said that he was thinking about Bitcoin. However, he declined to endorse or reject it, noting that there was skepticism when paper money first replaced gold.
David Solomon And Crypto
David Solomon has been openly in favor of crypto. In an interview with Bloomberg, he confirmed that Goldman Sachs was looking into adopting bitcoin due to the growing interest from clients.
During the interview, he said that they were clearing some future around Bitcoin. However, he mentioned that they were going about it with a lot of caution. He added that they were listening to their clients and were trying to help them as they explored crypto. In recent months, clients of the bank have been holding on to crypto in the same manner that they hold on to precious metals.
He was clear that Goldman Sachs needed to evolve its business and adapt to the new environment. This has been an ongoing trend amongst leaders of the biggest financial firms in the world. They have struggled to decide whether they should get involved in the crypto sector, worth hundreds of billions of dollars.
Goldman Sachs has already decided to set up a trading desk to make a market in the products. In fact, the investment bank is one of the notable backers of the digital asset investment company Circle based in Boston.
This shows that the bank does not believe that Bitcoin is a fraud, in stack contract to what JP Morgan believes. Besides that, it shows the bank believes that Bitcoin is an asset and not a currency.
The Future Under Solomon
Under Solomon, the bank is expected to maintain its historic strengths of trading and investment banking advisory. The bank offers savings and loans accounts. It plans to adopt the spread of car loans, mortgages, life insurance, and credit cards, according to a presentation in May.
In his spare time, Solomon is an electronic dance music jockey. During his time as CEO, he has said that he will focus on employee diversity.