At Goldman Sachs, there’s some chatter among bankers about Kathy Ruemmler, the firm’s top lawyer, and her past connection with Jeffrey Epstein. However, the most important figures seem to be sticking by her.
It turns out, CEO David Solomon is among her supporters, and the key factor here appears to be loyalty.
There are solid reasons why Solomon backs Ruemmler, particularly as rumors swirl about her ties to the newly released Epstein documents.
To begin with, Ruemmler, who used to be a U.S. attorney and White House advisor under Obama, is highly regarded as one of the best lawyers in the country.
While the information in these documents may be uncomfortable, there’s no indication that she engaged in any illegal activities. Being associated with someone isn’t a crime, after all. Ruemmler never officially represented Epstein in any way, despite some emails that hint at their interaction.
My previous encounters with her were before she joined Goldman in 2020. Back then, she was practicing law at the prestigious Latham & Watkins firm, specializing in criminal defense. Different from many caught in the Epstein situation, it seems Epstein was more interested in her for friendship and advice than anything else.
People close to her maintain that these reasons are why she remains at Goldman.
But for Solomon, there’s likely a deeper reason. Interviews suggest that his support for Ruemmler reflects his early, tumultuous tenure as CEO. In those early days, he managed to stabilize his position by aligning himself with key supporters, Ruemmler being one of them.
Solomon brought Ruemmler on board as Goldman’s chief legal officer in 2020, later appointing her as general counsel, a significant role within the bank. She was part of his team—not the bank’s traditional hierarchy. Many in Goldman weren’t too convinced when Solomon first took over but eventually started leaking stories that dented his credibility.
It’s important to remember that Solomon wasn’t the typical fit for a bank with such an insular culture. Originally joining Goldman in 1999 after a lengthy stint at Bear Stearns, he carried with him a very different ethos. His approach to leadership also clashed with Goldman’s consensus-driven environment. As an accomplished DJ, he faced scrutiny when his hobby started to draw attention, particularly during the pandemic.
His first move was to get rid of critics, and he did so rapidly, solidifying a loyal team around him, with Ruemmler being part of that faction.
Yet, nothing is permanent. On Wall Street and beyond, it’s often said that if you want a friend, you should get a dog. The optics of a general counsel sharing emails with someone as infamous as Epstein are no small concern for Goldman.
Their communication covered various topics, including potential trips to Epstein’s Caribbean island—which Ruemmler’s representatives assert she never visited. They’ve exchanged gifts, and there was even a point where she referred to Epstein as “Uncle Jeffrey” after his fall from grace. Their correspondence persisted into 2019, shortly before Epstein was arrested again. Notably, one of his first calls after that arrest was to her.
Ruemmler’s representative clarified that Epstein never retained her as his attorney. Despite the playful exchanges in their emails, she insists there was never a professional relationship.
According to her spokesperson, the initial interactions stemmed from Epstein serving as a contact for another client while she was at Latham. Epstein made a case that the accusations against him were exaggerated—claiming the girl involved was over 18 and that his minimal sentence indicated that authorities found his narrative credible.
After his arrest leading to his eventual death, Ruemmler didn’t speak with Epstein again, her spokesperson said. “Ruemmler hasn’t done anything wrong and has nothing to hide,” the statement read.
Goldman commented that “Kathy Ruemmler’s job is to lead our legal team, and she does that very well.”
No one questions her abilities, although Epstein’s past continues to be a headache for Goldman as it serves clients worldwide. Various reports suggest there are influential figures within the company who want to distance themselves from her, possibly pushing for her exit by year’s end.
Still, she’s proved resilient. If insiders are correct, she isn’t going anywhere anytime soon—and perhaps, never will.
Meanwhile, Goldman is navigating how she can effectively fulfill her public responsibilities. As a general counsel, she typically engages with numerous business groups and formerly played a substantial role within the bank’s pro-women initiative. Both sides of her role are complicated now.
But Solomon knows he needs allies, even if one of them has previously referred to Epstein as “Uncle Jeffrey.”
