A new addition to Goldman Sachs' board could be a lifeline, or threat, to CEO David Solomon
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Today, we've got stories on why tech bros are having a moment, the debate over what being an "accredited investor" means, and why you might need to splurge for that Costco membership.
But first, an old friend returns.
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1. Friend or foe?
A change to the board of directors at a top Wall Street bank has raised questions about what it means for the CEO.
Goldman Sachs board is reportedly planning to add Tom Montag, a former longtime Goldman exec who became the No. 2 at Bank of America, to its ranks.
Montag's appointment is an attempt by David Solomon, the bank's embattled CEO and chairman, to shore up support, per Bloomberg.
The arrival of Montag, who crossed paths with Solomon during his 22-year tenure at Goldman, comes amid a brutal run for the bank and its CEO.
To recap: Struggles within Goldman's consumer-banking unit, which the CEO championed, eventually led Solomon to a restructuring last fall. That led to questions about everything from Solomon's DJ side hustle to his use of Goldman's private plane. Some partners even contemplated complaining to the bank's board, Insider's Dakin Campbell reported.
Montag's arrival to the board, as Bloomberg suggested, could be viewed as a lifeline for Solomon. He has deep experience in trading, a bright spot for Goldman amid tough times. And as a former partner at the bank, Montag also brings with him a certain cachet.
But lest we forget this is the man who played a key role in Merrill Lynch's acquisition by Bank of America during the financial crisis. He climbed the ranks at BofA, eventually serving as chief operating office, before a somewhat abrupt exit from the bank, Insider's Alex Morrell reported at the time.
All that is to say, Montag is an extremely capable executive. And, despite being 66 years old, might still have some gas in the tank. So while Solomon could be under the impression he's adding an ally to the board, Montag might also end up being the final nail in his coffin.
Such is life on Wall Street, where the line between friend and foe is never quite clear.
Read more about Tom Montag, the former No. 2 at BofA, potentially joining Goldman Sachs' board.
In other news:
2. Finance bros meet your match: the new-age tech bro. From Mark Zuckerberg's martial arts-led comeback to Jeff Bezo's hot yacht summer, tech bros are feeling themselves these days. Here's why we've reached peak tech bro.
3. Everyone's arguing over what being an "accredited investor" really means. Lawmakers and regulators are debating changing the parameters for what an "accredited investor" is. Doing so could mean changes to who can invest in startups. Learn more here.
4. Private credit for the masses. BlackRock is rolling out a private-credit fund that caters to retail investors, per Bloomberg. For more on the booming, but risky, space, check out our story.
5. About those student loans... Student-loan payments are going to start back up in a few months, and it's going to be a bit of a mess for borrowers, per big banks. Meanwhile, it seems like we'll get some closure on President Biden's plan for forgiving student loans this week. More here.
6. IPOs are in their comeback era. At least three big companies are set to go public in the US this week, along with a couple of others filing paperwork, per Axios.
7. How to make a little something on the side this summer. Entrepreneur Jen Glantz shares some ideas for summer side hustles. Here are 5 ways to make a bit of extra cash.
8. Don't expect an on-time departure this summer. Airline delays and cancellations could be on the rise thanks to an upcoming deadline for carriers to update their equipment due to 5G inference. More on the issue from Transportation Secretary Pete Buttigieg.
9. You might need to get your own Costco membership. The warehouse club is taking a page out of Netflix's book and cracking down on people sharing membership cards. Here's what you need to know.
10. Don't waste your money on this stuff from Starbucks, according to someone who worked at Starbucks. From how to maximize your iced drinks to why you should never order an Americano, check out these 7 tips.
Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet @dandefrancesco, or connect on LinkedIn. Edited by Jeffrey Cane (tweet @jeffrey_cane) in New York and Hallam Bullock (tweet @hallam_bullock) in London.