David Solomon lacks answers for Goldman Sachs’s angry investors

“Iknow that everybody wants answers on this,” said David Solomon, boss of , as he grew visibly exasperated by yet another query about the bank’s plans for its “platform-solutions business”, home of its consumer-lending arm, which in 2022 lost $1.7bn. “But I can’t answer that question.” The investor then tried flattery: “Goldman Sachs is world class at risk management…when you make a bad trade you get out of it,” he began, before asking what more the bank could do to reduce losses in platform solutions. “Thank you for the compliment,” replied Mr Solomon, before turning his back, walking away and moving on to the next question. The auditorium, filled with shareholders, analysts and media attending the firm’s investor day at its headquarters on February 28th, stiffened.The tense exchange reflects frustration inside Goldman. Mr Solomon can point to some success. Since he took over in 2018 the company has posted an annualised total return to shareholders of 13%—better than the overall market and almost all of its competitors, apart from Morgan Stanley, its major rival, which managed to return 21% over the same period.