Goldman Sachs Officially Names David Solomon as New CEO
*By Alisha Haridasani*
After months of speculation, Goldman Sachs officially announced on Tuesday that David Solomon will succeed Lloyd Blankfein as chief executive ー the second transfer of power at the bank since it began trading as a public company in 1999.
Solomon, the bank’s president and a [part-time DJ](https://www.cnbc.com/2018/07/16/goldman-sachs-ceo-david-solomon-djs-around-the-world.html), will take the reins on October 1, and Blankfein will stay on as chairman of the board until the end of the year.
Blankfein worked with the bank for over two decades before he secured the top job in 2006. He steered the bank through the tenuous financial crisis and oversaw its latest efforts to enter consumer banking.
After a stint at Bear Stearns, Solomon joined Goldman Sachs’ investment-banking arm as a partner in 1999, shortly after the company went public, and became the group's head in 2006. In 2016, he ascended to co-president, alongside Harvey Schwartz.
"David is the right person to lead Goldman Sachs," Blankfein said in a [statement.](http://www.goldmansachs.com/media-relations/press-releases/current/07-17-2018-announcement.html) "He has demonstrated a proven ability to build and grow businesses, identified creative ways to enhance our culture and has put clients at the center of our strategy."
The announcement came the same day Goldman reported second quarter earnings. The company generated a better-than-expected $2.6 billion profit and a 19 percent jump in revenue, thanks to strength in the investment banking business, Solomon's old orbit.
Orangetheory Fitness is redefining the future of workouts with smarter tech, strength-based programming, and community-driven studios built for what’s next.
Spain's government has fined Airbnb 64 million euros or $75 million for advertising unlicensed tourist rentals. The consumer rights ministry announced the fine on Monday. The ministry stated that many listings lacked proper license numbers or included incorrect information. The move is part of Spain's ongoing efforts to regulate short-term rental companies amid a housing affordability crisis especially in popular urban areas. The ministry ordered Airbnb in May to remove around 65,000 listings for similar violations. The government's consumer rights minister emphasized the impact on families struggling with housing. Airbnb said it plans to challenge the fine in court.
Roomba maker iRobot has filed for Chapter 11 bankruptcy protection, but says that it doesn’t expect any disruptions to devices as the more than 30-year-old company is taken private under a restructuring process. iRobot said that it is being acquired by Picea through a court-supervised process. Picea is the company's primary contract manufacturer. The Bedford, Massachusetts-based anticipates completing the prepackaged chapter 11 process by February.
Serbia’s prosecutor for organized crime has charged a government minister and three others with abuse of position and falsifying of documents related to a luxury real estate project linked to U.S. President Donald Trump’s son-in-law Jared Kushner. The charges came on Monday. The investigation centers on a controversy over a a bombed-out military complex in central Belgrade that was a protected cultural heritage zone but that is facing redevelopment as a luxury compound by a company linked to Kushner. The $500 million proposal to build a high-rise hotel, offices and shops at the site has met fierce opposition from experts at home and abroad. Selakovic and others allegedly illegally lifted the protection status for the site by falsifying documentation.
