Posted on 03/28/2023 5:46:32 PM PDT by george76
Goldman Sachs has abandoned a plan to buy a pricey private jet equipped with its own shower,
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in canceling the order for the shower-equipped model, Goldman likely forfeited a big deposit, with one industry expert estimating it was likely equal to 5% of the purchase price, or $3.75 million.
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The use of a private jet by Goldman CEO David Solomon and other top bankers has reportedly been a source of angst among staffers
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For decades, top bankers at Goldman were loathe to fly on a company-owned private jet — instead opting to assume fractional ownership in an aircraft offered up by Berkshire Hathaway-owned NetJets.
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A year after replacing Lloyd Blankfein, Solomon decided that Goldman would break with tradition and buy its own private jets after the company’s NetJet planes broke down and left him and another executive stranded in Alaska.
Goldman staffers chafed at Solomon’s use of the private planes for his personal enjoyment, including frequent jaunts to exotic destinations such as the Bahamas and Montana,
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Solomon’s stewardship of the bank has come under intense scrutiny, particularly after recent layoffs that eliminated 3,200 jobs — the most extensive round of job cuts since the Great Recession of 2008.
The CEO admitted earlier this year that he should have instituted the job cuts sooner.
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In 2022, Solomon earned $25 million in total compensation.
In January, Goldman reported a bigger-than-expected 69% drop in fourth-quarter profit as it struggled with a slump in deal-making.
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Goldman reported a net loss of $660 million at its platform solutions unit, which houses transaction banking, credit card and financial technology businesses, as provisions for credit losses grew while the business was expanding.
Full-year net loss for the platform solutions business was $1.67 billion,
(Excerpt) Read more at nypost.com ...
wonder what they need a shower for. Almost sounds like something nefarious was planned for the plane.
Why would having a built in shower stall be such a big deal?
I don’t usually hear about bankers being worried about conspicuous consumption.
A built in jacuzi on a plane, I could understand the hesitation.
a private jet with a shower would reduce the aircraft’s range.
Montana and the Bahamas are exotic?
Who knew!?
Now, the CEO’s flights may be excessive, but I’d hardly consider either of the above exotic.
I see.
Exactly my thoughts... I doubt I’ve ever heard Montana and exotic in the same sentence.
“”For decades, top bankers at Goldman were loathe to fly on a company-owned private jet””
Yeah, what a sweatshop, right?
.
It’s a rough life /s/
“source of angst among staffers”
They actually care about “staffers”? That’s bigger news than cancelling the jet order.
We live 40 miles from the Montana border, but it’s 70 miles there by car. I can’t wait to tell my wife we live so close to an “exotic” location. Won’t she be impressed!?
Big deal. 50 gallons of water would weigh 400 pounds. the shower itself and the plumbing is not much either. If they want a shower on their airplane, so what? It’s no greater waste of money than some of the other things they do. Get rid of ES\G and pay for it in a month.
What are the chances Solomon declared this fringe benefit on his taxes? That’s the thing they hung on the Trump org CFO in an effort to try and get him to rat out Trump.
Goldfinger had one in the jet he stole. James Bond took care of him.
We did a tour of a company that refurbished, painted private jets. A reupholstered chair with an exotic leather was $40k, can’t imagine what a chair would cost.
Can’t imagine what a shower would cost.
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