Goldman Sachs face exodus

[The beef 675] [I'm an image] "Clearly, Goldman execs just don’t understand millennials like DJ D-SOL does." - Jeff [Read The Beef Online - Click Here]( Hey there carnivores, The markets came down to earth on Friday. Today we’re talking Goldman Sachs’ staffing issues. Keep raging, Jeff & Jason [Image] [I'm an image] And for that reason, I'm out “Bro, I am straight up [not having a good time](.” - David Solomon on Friday night. Two leaders of Goldman Sachs’ private investing business announced that they are leaving the firm on Friday. Sumit Rajpal and Andrew Wolff have been running Goldman’s new $100B+ private equity business as the company seeks more investment opportunities, a la Blackstone and KKR. Cat's in the cradle On a normal day, having two leaders of a relatively new department, which represents a vast departure from traditional business, up and quit would be DEFCON 4. But for DJ D-SOL, it gets worse. The two former leaders were key players on a management team that is scheduled to go out and start raising another $100B… later this month. Now, the $100B target has a five-year timeline, but this situation is worse for Solomon than running out of room on a mix-tape when you’re trying to record a song off the radio. Something in the water Rajpal and Wolff [have been long time GS employees](, which makes the sudden move somewhat surprising. The former had a big hand in developing the new consumer bank, Marcus, which allows spoiled millennials to feel good about themselves when they switch money from their trust accounts into their investment accounts. The latter has spent his time overseas as a lawyer in banking operations. Don't worry, it wasn't in Malaysia. These departures are the latest in an exodus of employees from Goldman Sachs, for various reasons. Super “strader” Adam Korn, who helped develop the hybrid trader-coder role that all CS majors dream of, left the firm early last week, and the 1MDB trader Andrea Vella also left the firm, though he technically left banking altogether. Via court order, of course. The bottom line... Something tells me the Goldman Sachs soundtrack isn’t all groovy beats and dope bass drops. DJ D-SOL has [grand ambitions for the firm](, with private equity and consumer banking being the main pillars. With that, comes less attention (read: money) being spent on other areas, like trading. Korn was effectively forced out, and while it appeared Rajmat and Wolff were in the driver seat to the promised land, both decided to call it a day. It makes you wonder if internal GS brass believes in the current CEO’s initiatives. [I'm an image] It’s Monday morning... If you’re reading this, it’s not too late. Bullseye Trades Members are just one email away from potential gains of 70%, 73%, or even 374%. Jeff Bishop is Just Moments Away From Releasing His HIGHEST CONVICTION TRADE OF THE WEEK [SEND ME JEFF’S TRADE]( [I'm an image] ☑️Restless sleep Mattress startup Casper IPO’d Thursday and, to many people’s surprise, rose 13% during its first day of trading. Unfortunately, the magic didn’t quite last in the bedroom (been there), as the bed-in-a-box stock [dropped below its IPO price]( and closed down 18% Friday. Not a great second day. The real stinger is when you look at its valuation. The once $1.1B unicorn is now valued at $438M, as investors have seemingly grown skeptical about businesses that don’t “make a profit”... whatever that means. ☑️Getting closure Mattel closed two toy factories in China and Indonesia and [has announced plans]( to close a third factory in Montreal this year. The plant closure would affect roughly 560 hard-working Canadians, who spend their days making Mega Bloks and their night most likely eating poutine, being much more polite than their neighbors to the south and slamming Molsens. The maker of Hot Wheels is on a cost-cutting mission and has been hit hard by weak sales from the Toys’R’Us liquidation and decreased demand of Fisher-Price and American Girl dolls. ☑️PIMPCO'ing ain't easy Former PIMCO CEO Douglas Hodge [will spend nine months]( in prison as a part of the college admissions scandal that was uncovered last year. Dougie Fresh, as he’s likely to be called by his future cellmate, will serve the longest sentence doled out thus far related the scandal. Hodge made payments totaling $850k to the company and charity of the scheme’s ring leader William "Rick" Singer, a former tennis coach at Georgetown, and into a USC account. His sentence would’ve been a year, but he got a 25% discount from prison (I need better lawyers) due to his past philanthropic work. #GoodGuyDoug. The Rick Springer college admissions scandal has allegedly involved billionaires, executives, coaches, and even Aunt f*cking Becky. You know what they all have in common? They’re loving parents, and if that’s against the law then lock me up and throw away the key. ☑️Juuuust missed it “Another day, another dollar”… and Softbank [would need]( over 2 million years to make up for the shortfall it is expected to have. Softbank had a lofty goal of raising $108B for its new tech fund, but will likely raise half that amount. Not great, Bob. Soiled by bad bets like WeWork, and a refusal to put up more moolah, the decrease in dough raised will likely have an impact across the industry, as many companies, such as Uber and DoorDash, got big boosts from the fund’s $90B spend over the past two years. 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