Goldman Sachs CEO David Solomon mentioned Tuesday that asset administration and wealth administration can be the expansion engine for the financial institution after his efforts in shopper finance went awry.
“The true story of alternative for development for us within the coming years is round asset administration and wealth administration,” Solomon advised CNBC’s Andrew Ross Sorkin. Solomon added that Goldman was already the fifth-biggest energetic asset supervisor on the earth.
“There’s actual alternative throughout the agency for us to proceed to make the agency extra sturdy,” Solomon mentioned.
He additionally acknowledged that the corporate did not “execute effectively” on components of his shopper push, however added that administration would mirror and study from the episode.
Goldman was scheduled to carry its second-ever investor day later Tuesday. The agency launched a slideshow for the occasion on-line, by which it gave up to date targets for development in its asset and wealth administration division and a 2025 break-even goal for its money-losing platform options division.
It additionally reiterated its goal for 15% to 17% return on tangible fairness, a key metric tracked by financial institution traders.
Throughout opening remarks for his investor convention, Solomon mentioned the financial institution was weighing “strategic alternate options” for Goldman’s shopper platforms.
That might imply an additional retrenchment from retail banking if Goldman decides to promote its GreenSky lending enterprise, which it acquired simply final yr for $2.24 billion, or restructure its card agreements with Apple or Normal Motors.
It might additionally resolve to do nothing amid efforts to make the division worthwhile, mentioned an individual with information of the matter.
The disclosure appeared so as to add higher uncertainty across the financial institution’s go-forward technique round its smallest enterprise. When an analyst requested Solomon in regards to the strategic connection between shopper lending and different operations, the CEO mentioned there was little so as to add past what they’ve mentioned.
“I respect that everybody desires extra solutions on the buyer platforms and their trajectory going ahead,” Solomon mentioned.
In response to a different query, Solomon mentioned the financial institution wasn’t looking for so as to add partnerships past the Apple and GM card merchandise.
Goldman can also be planning to search out consumers for a portfolio of shopper loans created by the now-shuttered Marcus loans enterprise, mentioned Marc Nachmann, international head of asset and wealth administration.
Shares of the New York-based firm slipped 2.1% in noon buying and selling.
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