Goldman private jets favored by CEO David Solomon flew to Bahamas 21 times since last year: report

Goldman Sachs’ pair of private jets – an oft-criticized method of transportation favored by embattled CEO David Solomon – have reportedly made at least 21 trips to the Bahamas since the start of last year alone.

Solomon’s frequent trips to the tropical island were detailed in a sweeping analysis of signal data from the two Gulfstream jets obtained by Insider – the latest sign of mounting scrutiny over the bank boss’s costly habit during a recent downturn in Goldman’s business.

Many of Solomon’s trips to the Bahamas – where he has a home – are for personal reasons, Insider reported, citing several sources with knowledge of the Goldman CEO and part-time DJ’s schedule.

Some of the trips to the island destination have been related to company business, such as client events, which have increased in frequency since Solomon took over as CEO.

In one such trip, Solomon reportedly flew to the Bahamas for a meeting with tech-focused investment bankers in February — just hours after a combative appearance at Goldman Sachs’ annual investor day.

Goldman Sachs has two company-owned Gulfstream jets – a G280 and a larger G650ER that Solomon reportedly prefers. Insider noted that the planes are almost always used by Solomon or bank president John Waldron.

David Solomon
Goldman Sachs CEO David Solomon is pictured.

According to Insider’s analysis, the G280 flew at least 166 flights from January 2022 through March 2023, while the G650 flew 192 times.

The outlet said at least 74 flights were “made over weekends or tacked onto what appear to be business trips.” In one case from July 2022, Solomon flew from Tokyo to Chicago, where he was slated to perform as a DJ at the Lollapalooza music festival.

A spokesperson said Solomon “fully reimburses Goldman Sachs for the incremental costs of any personal travel, as stated plainly in our Annual Proxy Statement and as authorized by the Board.” The company has regularly detailed that policy in securities filings, though it does not provide specific monetary figures.

The report acknowledged that Solomon mostly uses private jets for business purposes, including frequent trips to Washington DC.

Gulfstream G650
Goldman owns two private jets, including a Gulfstream G650.
NurPhoto via Getty Images

Still, Solomon’s habit has generated internal grumbling – with some critics chafing at the top boss’s jet-setting lifestyle given the bank’s hardcore work culture for rank-and-file employees.

Scrutiny has intensified in the wake of sweeping layoffs at Goldman Sachs – a bloodbath that employees referred to as “David’s Demolition Day.”

Goldman Sachs spokesman Tony Fratto defended the private jet use in a statement obtained by Insider.

“The Board fully supports the use of the Goldman Sachs planes for travel, just as it supported the use of private aircraft by previous Goldman Sachs executives,” bank spokesman Tony Fratto said in a statement to Insider.

David Solomon
David Solomon is required to reimburse Goldman for personal use of private jets.

“Goldman Sachs operates a global, 24-hour, 7-days-a-week business which demands that our CEO travel extensively around the world meeting with employees, clients, business partners, and government officials,” Fratto said.

“Executives at Goldman Sachs have been flying on private aircrafts for decades as it is proven to be the most secure, effective, and cost-efficient solution to meet the extensive travel obligations for CEOs of firms like Goldman Sachs — which is why all of our peer institutions also extensively use private aircraft,” he added.

The Post has reached out to Goldman Sachs for comment.

Goldman Sachs
Goldman Sachs recently conducted a round of layoffs.

In January, the Financial Times reported that Goldman Sachs was reviewing the cost of private jet travel as part of a sweeping cost-cutting initiative at the bank.

“We’re looking at expenses in every corner of the firm, so it’s ridiculous to focus on any single segment or line item,” a Goldman Sachs spokesperson told The Post at the time.

As The Post reported last month, Goldman recently scrapped a plan to replace one of its private jets with an upgraded version that was equipped with its own shower.

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