Goldman Sachs is Assessing its Expenses on Private Jets, as CEO David Solomon has Utilized Them for Luxurious Trips

  • Goldman Sachs is Taking a Closer Look at Their Spending on Private Jets
  • CEO David Solomon
Photo: Getty Images

Goldman Sachs is currently taking a closer look at all its expenditures, including those related to its private jets, as confirmed by one of their spokespersons to Insider.

In 2019, the bank made a large purchase of two private jets – a Gulfstream G650 and G280 – with each jet typically costing tens of millions. According to Bloomberg, the acquisition was intended to save costs as executives would no longer have to charter planes through NetJets when visiting clients. This move has since allowed senior staff at the firm greater flexibility in managing their time efficiently whilst also cutting back on expenses.

However, the two jets have since been used by CEO David Solomon for leisure trips and other non-business activities, including trips to the Bahamas and the Hamptons. This has led to criticism from shareholders who believe that this is a questionable use of company funds.

Goldman Sachs‘ policy obligates executives to repay the company for any costs related to their personal travel, though these expenses remain undisclosed.

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