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August 31, 2023

Personality-driven business capsules you can only get here. Our weekly dispatch gets you ready for what people are thinking before they talk about it— the hitters you know and want to know across Wall Street, Washington, and Silicon Valley.

Embattled Goldman Sachs CEO David Solomon stages 'awkward' dinner parties at his Soho loft

David Solomon is launching a major charm offensive at Goldman Sachs – and it includes dinner at his place.

The brash Wall Street titan lately has been mired in a rash of bad press over layoffs and skimpy bonuses, his controversial DJ side gig, Goldman's botched push into consumer banking and even accusations of being "a jerk."

In response, Goldman's 61-year-old CEO has been hosting dinner parties for the bank's key partners at his swanky Soho loft, On The Money has learned.

At one recent soiree at Solomon's Wooster Street penthouse, more than a dozen black SUVs clogged both sides of the cobblestoned block all the way to Prince Street so attendees could make a quick getaway, a source said.

How TikTok is cleverly evading calls in Washington to ban China-owned app

Threats in Washington to ban TikTok have grown quieter of late – and some insiders say the Chinese-owned app's clever courting of conservatives is part of the reason.

After a dramatic spring in which calls to ban TikTok on US soil reached a fever pitch — made worse by a disastrous Congressional testimony from CEO Shou Zi Chew — the fervor died down this summer.

At the same time, TikTok has launched an ad campaign that portrays the video-sharing app as a platform that has helped US veterans and small business owners.

One spot that aired during the GOP presidential debate features 81-year-old "Patriotic Kenny," who has used TikTok to raise thousands of dollars for elderly vets to get new mobility scooters.

The ad, entitled "Changing lives, one scooter at a time," reportedly raised enough cash for 50 scooters in 24 hours. It ends with Kenny's friend saying, "None of this would've happened without TikTok."

Goldman Sachs' asset-management unit sees slew of high-level exits under hard-charging boss

David Solomon isn't the only sharp-elbowed boss at Goldman Sachs – and the Wall Street giant's asset-management division has been shrinking its headcount as a result, sources told On The Money.

Marc Nachmann – a hard-charging banker who CEO Solomon last October named global head of the Asset and Wealth Management division – has seen a string of top executives flee on his watch and could soon see yet another exit, On The Money has learned.

Nachmann has alienated some of his most experienced executives who describe him as "cold hearted" and "a one-man show," sources said. These people add that Nachmann – who has built a reputation for slashing costs – is liked by Solomon but not by the people who work for him.

"Marc operates very differently than other executives at the firm," one Goldmanite said. "He doesn't have a team — it's his way or the highway."

Hollywood honchos to join tech moguls at Schumer's AI summit amid strike

Senate Majority Leader Chuck Schumer's upcoming summit on artificial intelligence could have implications for Hollywood – and the ongoing strikes that have shuttered the industry, On The Money has learned.

Both Writers Guild President Meredith Stiehm and the Motion Picture Association Chairman and CEO Charles Rivkin will attend the Sept. 13 event in D.C., which aims to establish a framework for regulating AI, a source confirmed.

Microsoft Founder Bill Gates has also RSVPd "yes" to the event, Schumer's office confirmed to On The Money – joining a who's who list of Silicon Valley titans that includes Elon Musk, Mark Zuckerberg and OpenAI CEO Sam Altman.

The addition of Stiehm, who is fighting it out with the studios, and Rivkin, who isn't directly involved in negotiations, signals the growing threat AI poses to upending the entertainment industry.