David Solomon, CEO of Goldman Sachs, says that no easy decisions reach the CEO’s desk - only “51/49” decisions. When I was leading HubSpot, I described the job as “choosing between two shitty options.”
David discusses some of the tough calls he’s had to make in the CEO seat, including the difficult decision to wind down Goldman's consumer banking ambitions. His perspective coming from a 156-year old banking giant is a little different than the common Silicon Valley wisdom. Hear why he thinks experience is vastly underrated in Silicon Valley, why "smart enough" matters more than being the smartest person in the room, and why serendipity and timing play bigger roles in being a great CEO than people realize.
David reflects on mentorship from Lloyd Blankfein and Hank Paulson and how he thinks apprenticeship culture will evolve with AI. There are some great, unexpected lessons here for founders who are scaling, confronting the messy reality of building enduring companies.
00:00 Introduction
00:58 Decision Making and Culture at Goldman Sachs
01:55 Leadership and Mentorship Insights
07:19 Balancing Strengths and Weaknesses
09:33 Experience vs. Intelligence in Leadership
15:39 Navigating Failures and Accountability
17:49 The Consumer Business Decision
27:23 Partnerships and Strategic Decisions
29:02 Focusing on Shareholders, Employees, and Customers
29:54 Client Centricity and Core Values
30:37 Balancing Clients, Shareholders, and Employees
32:26 Scaling and Growth Strategies
33:42 Culture and Adaptation
39:08 Navigating Challenges and Pivots
45:12 The Role of Technology and AI
48:40 David's Personal Insights and Reflections
50:45 Final Thoughts and Advice
