Goldman's Overhaul Jeopardized by Talent Exodus

A talent exodus from Goldman Sachs' asset-management division is posing a threat to CEO David Solomon's strategy for the firm. Key executives, including Julian Salisbury and Takashi Murata, are expected to leave, adding to the six out of eleven partners who have already departed following organizational changes. Solomon's plan to overhaul the company and focus on asset management as a revenue source faces challenges due to these departures, which have raised concerns about the team's ability to execute its strategy. Despite the firm's efforts to reassure clients and maintain stability, the departures may impact fundraising efforts, client relationships, and investment returns. Solomon's changes to leadership and structure have also drawn criticism, with some feeling that seasoned asset-management executives were replaced with those less familiar with the business. Solomon has been working on transforming Goldman's asset-management business since taking the CEO role in 2018, but recent departures and uncertainties pose obstacles to his plans.