Goldman bosses lose millions in stock fall
FORMER Goldman Sachs boss Lloyd Blankfein has lost almost £60m in a stock price slump since he gave up control.
Goldman shares have dived 14pc under successor David Solomon after the bank was caught up in a corruption scandal that wiped £11.4bn off its market value.
It means 64-year-old Blankfein’s holding is worth £350m, a fall of £57.5m since he quit as chief executive last month.
Solomon – who DJs in his spare time under the hip moniker D-Sol – is sitting on a paper loss of £8.6m, and head of Europe Richard Gnodde is down by £8.4m.
Overall, Goldman board members have lost at least £100m between them.
After Solomon took the reins, Goldman was accused of playing a key role in a £2.7bn embezzlement scandal over Malaysia’s 1MDB sovereign wealth fund.
Former Goldman partner Tim Leissner has admitted money-laundering charges in the US over the debacle and agreed to forfeit £34.1m. Another ex-staff member has been arrested in Malaysia and is facing extradition to America.
Blankfein, who is still chairman of Goldman, met key players in the scandal but is not accused of wrongdoing.
The lender has also been swept up in a wider US market rout over fears of a trade war and global economic downturn.
Goldman’s stock hit an all-time high in March amid exuberance over tax cuts by President Don- ald Trump, but has since fallen by more than a quarter.
New Yorker Solomon, 56, has worked at the bank since 1999 and earned £16.4m last year.
As house music DJ D-Sol, he has performed at nightclubs in New York, Miami and the Bahamas. He is also a wine enthusiast with a multi-million-pound collection, and owns a home in the Bahamas, a New York apartment and land in the Hudson Valley.
The news comes as Goldman branches out into consumer lending in the US and UK. It launched a market-leading savings account under the name Marcus in Britain two months ago.
Goldman Sachs declined to comment last night.