Goldman Sachs boss David Solomon set to DJ Lollapalooza

The boss of Goldman Sachs is set to perform at the major US music festival Lollapalooza alongside the likes of Dua Lipa and Metallica in July.

David Solomon, who is a dance music DJ outside his day job, was one of the acts organisers announced on Tuesday.

The 60-year-old, who is one of the last listed on the festival’s line-up, said he was excited to play the event.

Goldman Sachs declined to comment on the gig.

Mr Solomon, who joined Goldman in 1999, shared the news of the gig, which typically draws about 400,000 people, on Instagram.

The banker, who earned $35m last year, said proceeds would benefit non-profit organisations focused on tackling addiction.

Mr Solomon started DJing in 2015 and founded his own record label in 2018 – the same year Goldman named him chief executive.

He has collaborated with Grammy winners and performed on other stages including a party hosted by Sports Illustrated in January. He released his latest track Heatwave in February, which his label describes as a “piano house” with “funkier UK” influences.

In a podcast last year, he said making music helped him relax – and despite some telling him it posed a risk for his banking career, he didn’t see a need to stop performing.

“I thought about it and I said, ‘I enjoy this, I’m not doing anything wrong, I’m not breaking any laws, I’m having fun,'” he said. “Why should I stop doing something I’m really enjoying?”

The hobby has landed him in hot water at times. For example, in 2020 he appeared at a charity event in New York later investigated for violating social distancing guidelines.

Social media reaction was mixed, ranging from congratulatory to incredulous outrage that one of the most powerful bankers in the world should be offered a second stage.

“Super cool!” commented Damian Pelliccione, co-founder of Queer TV network Revry, on Mr Solomon’s Instagram page. “You inspire me!”

But DJ Joe Nice, known for his dubstep music, said Lollapalooza organisers should be ashamed.

“Goldman Sachs generated record profits in 2021 during a pandemic where millions of Americans lost their jobs, health insurance, life savings, and homes,” he wrote. “When David Solomon “DJ D-Sol” takes the stage, walk out.”

New figures show that the average bonus for New York bankers in 2021 jumped by 20% on the previous year to a record $257,000 (£195,000) as Wall Street banks reported strong profits.

The Office of the New York Comptroller said the rise was higher than an expected 15.7% increase. The total bankers’ bonus pool for 2021 swelled by 21% to $45bn.

But New York comptroller Thomas DiNapoli said: “Recent events are likely to drive near-term profitability and bonuses lower.

“Markets are turbulent as other sectors’ recovery remains sluggish and uneven, and Russia wages an inexcusable war on Ukraine’s freedom.