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00:00 It seems that an internal rebellion between the two sides may be accepted by the CEO of Goldman Sachs
00:08 after five years of his presence in his position since 2018.
00:14 Some members of the board of directors describe it as strange, according to the Financial Times,
00:20 and it has led to losses for the bank and a decline in profits.
00:24 Let's look at what this rebellion is and what it is in the Financial Times report.
00:30 At first, we saw the Financial Times talking about an internal rebellion against CEO David Solomon.
00:36 This rebellion may be discussed in a meeting of the board of directors next month.
00:41 But in the report itself, the Financial Times said that David Solomon still supports the bank's manager and some of the major contributors.
00:50 Many reports in the past have talked about the policies that David Solomon has adopted
00:57 regarding the clear entry into the dividing processes and the entry of small bank customers
01:06 and dealing more powerfully and more extensively in terms of dividing,
01:13 which clearly led to the small customers' loans being covered with a lot of money.
01:21 This leads to losses and a decline in profits for the bank.
01:25 Let's look at the reasons that lead to this rebellion and spark it,
01:31 starting with a decline in profits, a decline in the morale of the bank employees,
01:37 especially after many managers left their positions in the bank.
01:43 The bank's management has died out.
01:47 It says that the employee spent a large period of 8 years in Goldman Sachs.
01:53 In contrast, the negative press coverage of the news and the reports that talk about David Solomon
02:01 was the last to be covered by a report in the New York Times describing David Solomon as a jerk.
02:07 Was David Solomon the headline of the report?
02:09 Is David Solomon a big idiot who runs Goldman Sachs?
02:13 This was one of the reports that accused David Solomon of being a fool
02:19 in view of the policies that David Solomon has adopted.
02:23 This policy clearly led to a decline in the results of the second quarter
02:29 by 58% in terms of profits to $1.2 billion.
02:35 The other revenues declined by 8% to nearly $11 billion,
02:41 and of course all of this in terms of profits and revenues, contrary to Wall Street's expectations.
02:48 Let's look at the reasons. First, the decline in the limited commercial and investment banking services.
02:55 This is on the one hand, and also the losses of acquisition of Green Sky.
02:59 Goldman Sachs acquired Green Sky in 2021,
03:04 and this company works as a platform for financial support for the technology sector,
03:11 but this platform is loaned and its loans have failed.
03:15 This has led to a huge loss for Goldman Sachs.
03:20 Let's look at the performance of Goldman Sachs in general.
03:24 We have seen a decline in Goldman Sachs' performance by 6% since early 2023,
03:30 and we have seen a decline in Goldman Sachs' performance at the lowest levels
03:33 by about a month at the end of the Friday session.
03:35 On the other hand, D-Logic says that Goldman Sachs is ranked first
03:41 as the best consultant for global integration and acquisition operations in the first half of 2023.
03:49 So, these internal disputes, which are described as rebellion,
03:54 will remain a thorn in the administration's side until this time,
03:59 and will be discussed next month, and we will look at what it will say.
04:03 Will David Solomon resign or stay in his position?