Hey there! Dan DeFrancesco in NYC. If you’re feeling bummed about missing Coachella, don’t be. These photos from the event demonstrate the difference between Instagram and reality at the music festival. Also, you’re probably too old to go anyway.
Today, we’ve got stories on Kim K’s PE firm, why soon-to-be Bain employees might have a lot more free time — and cash — on their hands, and a must-read story on “Love is Blind.”
But first, let’s right the ship.
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David Solomon at Goldman’s 2023 investor day
Screenshots by Emmalyse Brownstein and Dakin Campbell
The bank, which has had a tough go of it for the past few months, had more bad news on Tuesday with a lackluster earnings report.
Goldman Sachs’ $12.2 billion in revenue from Q1 fell short of analysts’ estimates, which is never a good sign — but it’s not a complete disaster.
As Insider’s Carter Johnson reported, there is a case to be made for a turnaround at Goldman led by its embattled CEO David Solomon. From M&A and trading to wealth and consumer, Carter mapped out the five key things that Goldman, and more specifically Solomon, can do to right the ship.
In many ways, Goldman’s resurgence amounts to getting back to what it has always done so well: dealmaking and trading. The former has been in the midst of a near-total drought for the better part of a year, which is part of the bank’s problem.
We’ve written a lot about the struggles at Goldman Sachs recently, and rightfully so. If you’re the most high-profile bank on the Street, you’ve gotta take the sour with the sweet. But I’ll admit I feel slightly bad for Solomon.
His initial push into consumer banking was about avoiding this exact situation. M&A comes and goes, but a deposits business is more dependable, as is evident by the success Goldman’s peers had this quarter.
Had Solomon executed on that consumer strategy, talk about Solomon might be more in line with how JPMorgan’s Jamie Dimon is being viewed. Instead, some Goldman partners have discussed complaining about him to the board.
More on what David Solomon needs to do to get Goldman Sachs back on track.
In other news:
Kim Kardashian at the Dolce & Gabbana Store on February 25, 2023 in Milan, Italy.
2. Upfront’s Mark Suster is, well, upfront. The high-profile VC became a star of the booming startup scene in Los Angeles. But not everyone is a fan of his take-no-prisoners approach. More on Suster here.
3. Kim K builds her PE empire. SKKY Partners, the PE firm cofounded by Kardashian and Jay Sammons, has hired six employees, including its new COO who used to work at Apollo Global Management. More on the new hires.
4. Bain is literally paying people to not work for them. The exclusive consulting firm is offering its new MBA hires up to $40,000 to delay their start dates and pursue other work and hobbies. Why your next yoga instructor might be a future Bain consultant.
5. Gary Gensler speaks. The SEC chairman spoke in front of the House Financial Services Committee on his approach to crypto, Bloomberg reported. If you’re still trying to make heads or tails of crypto, we’ve got you covered. Insider’s April Joyner broke down the latest in the world of digital assets in this short video.
6. Jamie Dimon will be questioned for two days on Jeffrey Epstein. The JPMorgan CEO is set to be deposed over allegations regarding the bank’s ties to Epstein, Bloomberg reported. More on the case here.
7. Credit Suisse’s dark past. A Senate committee investigation found the Swiss bank didn’t properly look into allegations made about bank accounts held by Nazi party members, The Wall Street Journal reported.
8. Betterment left money on the table for its customers. The fintech “misstated or omitted several material facts” regarding its tax loss harvesting service, one of its key offerings, that led to clients missing out on roughly $4 million in potential tax benefits, according to the SEC.
9. Love Is Blind to my mental health. Participants in the hit Netflix dating show allege that producers deprived them of food and sleep and preyed on their anxieties. Read our explosive investigation on the viral show here.
10. Fast-food fun facts. Did you know McDonald’s first mascot wasn’t that creepy clown? Or that Taco Bell’s initial menu had just five items on it? Check out all 18 facts here.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email email@example.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Nathan Rennolds (tweet @ncrennolds) and Hallam Bullock (tweet @hallam_bullock) in London.