Here’s what’s been happening on Wall Street overnight

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David Solomon trying to show Goldman Sachs loves its clients

David Solomon has a message for all the Goldman Sachs clients out there: He’s thinking of you.

The Goldman president, who spoke publicly to investors on Thursday for the first time since being named the heir apparent to current CEO Lloyd Blankfein, did his best to convince the market that the bank is laser-focused on helping its clients solve problems – not on padding its own bottom line.

If clients were listening, they need only to count the number of times Solomon mentioned them by name in his presentation. The word “client” appeared at least 57 times in his remarks. He added “relationship,” as in “relationship-based business,” an additional 13 times.

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Jobs report beats

US employers added 223,000 nonfarm payrolls in May, more than expected, while the unemployment rate fell to an 18-year low of 3.8%, according to the jobs report released on Friday.

Economists had forecast that employers added 190,000 jobs on net while the unemployment rate remained at 3.9%.

May was the 92nd straight month of job growth in the US – the longest streak ever. Most of the hiring last month came from the healthcare, construction, and retail industries.

President Donald Trump may have given gold and interest-rate traders a clear heads-up on the solid May jobs report, judging from market moves after his early tweet about the report.

Citigroup’s hiring in equities to crack the top five

Citigroup has hired a new US head of electronic cash trading, filling a key hole from a structural reorganization the bank’s equities division underwent in March.

Dmitry Bulkin, formerly the head of liquidity strategy and market structure for US equity trading at Credit Suisse, is joining Citi as the head of electronic cash trading in the Americas, according to people familiar with the matter.

Citi has been investing heavily in its equities business in recent years in an effort to break into the top five and compete with Morgan Stanley, Goldman Sachs and JPMorgan.

Godfather of Silicon Valley investing won’t raise a new fund

Ron Conway, one of the tech industry’s most prominent and powerful startup investors, who had early stakes in Facebook, Twitter, and Airbnb, said in a Medium post on Thursday that his early-stage investment firm, SV Angel, will not be raising a new fund.

Conway and his son, Topher, who co-manages the fund, said they will continue to use the SV Angel brand and cut checks – but in smaller amounts and as angel investors.

Zuck ignores shareholders

A month after Facebook CEO Mark Zuckerberg faced critical questions from members of Congress, he and his team faced another sceptical audience on Thursday, this time in the form of the company’s shareholders at its annual meeting.

Shareholders peppered Zuckerberg and his fellow executives and board members with questions about their ability and commitment to identify and delete fake accounts and abusive posts, the lack of diversity among Facebook’s executive ranks, and the alleged censorship of conservative voices on its social-networking service.

In response to the criticisms, Zuckerberg and his colleagues ignored the concerns about the company’s governance and calls for more transparency about its hiring practices.

Deutsche Bank CEO sick of bad news

Deutsche Bank’s new CEO has moved to reassure staff that the bank is in good shape after a tough 24 hours for the troubled German lender.

Deutsche Bank was hit with a credit ratings downgrade on Friday and is facing cartel charges in Australia. It comes less than a day after it emerged that the bank’s US operations were last year deemed “troubled” institutions by regulators.

Christian Sewing said in a memo to staff on Friday that “the newsflow is not good” but stressed that the bank is financially sound and is moving forward after several tough years.

From “Big Short” to “big long”

A hedge funder behind “The Big Short” trade is turning his attention to marijuana

Danny Moses, the head trader at FrontPoint Partners under Steve Eisman during the housing crisis in 2008, said cannabis is the new “big long” at a conference on Thursday.

Moses and Eisman’s bet against the housing market was chronicled by Michael Lewis in the best-selling book, “The Big Short: Inside the Doomsday Machine,” which was later turned into an Academy Award-winning movie.

“The lack of banking and lack of access to capital is creating a huge opportunity,” Moses said at the Cannabis World Congress and Business Expo in New York City. “It’s a goldmine, but it’s also a minefield.”

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