Goldman Sachs CEO David Solomon mentioned Tuesday that asset administration and wealth administration could be the expansion engine for the financial institution after his efforts in consumer finance went awry.
“The true story of alternative for progress 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 greatest energetic asset supervisor on this planet.
“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 nicely” on elements of his client 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, wherein it gave up to date targets for progress in its asset and wealth administration division and a 2025 breakeven 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 that the financial institution was weighing “strategic alternate options” for Goldman’s client companies.
The corporate is planning to search out patrons for a portfolio of client loans created by the now-shuttered Marcus loans enterprise, mentioned Marc Nachmann, Goldman’s world head of asset and wealth administration.
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