Is Goldman Sachs CEO David Solomon now taking a kinder, gentler approach to running the bank?
Some insiders are raising their hopes with the return of a well-liked executive.
Russell Horwitz, a former top Goldman partner who left for Ken Griffin’s hedge fund Citadel in 2020, returned to Goldman this week as the firm’s chief of staff — and some bankers are celebrating because of Horwitz’s rep for being an all-around nice guy.
“Russell is calm and adaptable,” one source who has worked closely with him said. “He’s an internal consigliere… a good guy.”
Still, it’s unclear just how much leeway Solomon will give Horwitz, and some doubt whether the two men will be able to work well together.
One source said the two men previously had a prickly relationship and “never got along.”
According to a memo from Solomon last month, “Russell will oversee the operations of the executive office, including corporate communications, government and regulatory affairs, and corporate engagement.”
Meanwhile, Andrea Williams — who surrendered the top communications job at Goldman to Fratto last November — has finally left the bank, On The Money has learned.
Some insiders say Williams had been pushed aside partly over pressures faced by Solomon, who critics say had been overly focused on his own brand rather than that of the firm.
“She saw herself as David’s person… partners didn’t like that,” a source told On The Money. The approach rubbed many the wrong way.
Horwitz, who worked closely with former Goldman CEO Lloyd Blankfein as deputy chief of staff, is expected to get more involved in the communications side of the business than his predecessor, John Rogers, who will continue his duties as secretary to the board.
Goldman’s head of communications, Tony Fratto, will report directly to Horwitz.
“Russell knows how to deal with the press and he’ll get David to try and talk to the press,” the source added.
Unlike Rogers, who reportedly instructed the communications team to add “structure” and less “openness” to the media strategy, Horwitz is expected to take the more affable and easy-going approach that was more common under Blankfein.
A spokesperson for Goldman declined to comment.
“I’ve been in a foxhole with Russell a few times,” Blankfein previously said in an interview. “I don’t know anyone who doesn’t value his partnership and appreciate his friendship.”
Credit: Source link
