David Solomon News

The return of large tech IPOs this week after a prolonged drought isn't just a test of investors' appetite for risky new offerings — it's a key moment for Wall Street's top advisor, Goldman Sachs.

By Saeed Azhar and Lananh Nguyen

JP Morgan Chase CEO Jamie Dimon

By Saeed Azhar

Goldman Sachs Group Inc. plans to dismiss underperformers as soon as next month, as part of the Wall Street firm’s annual evaluation of staff, the Financial Times reported.

Goldman Sachs Group Inc. is planning to perform another round of job cuts to dismiss its underperformers as soon as next month as part of its annual evaluation of staff, reported Financial Times.

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The New York Post reported Thursday that another senior executive at Goldman Sachs Asset & Wealth Management was considering heading to the exit, with Laurence Stein, executive vice president and chief operating officer of the group, the next potentially to go.

Goldman Sachs on Monday said it has struck a deal to sell part of its wealth business to an independent wealth manager, part of a strategy refresh which is seeing the bank exit some businesses and focus its wealth offering on targeting the super rich. The Wall Street bank, which did not disclose the sale price, said the sale to Creative Planning LLC is expected to close in the fourth quarter and result in a gain. The latest sale is part of a shift in strategy after CEO David Solomon reorganized the firm into three units last year and scaled back ambitions for its consumer business, which lost $3 billion in the last three years. Goldman bought the registered investment adviser (RIA), formerly known as United Capital Financial Partners, for $750 million in 2019 when it managed about $25 billion in funds. Creative Planning has more than 2,100 employees across its affiliates and $245 billion in combined assets under management and advisory. The RIA business was relatively small in size compared with Goldman's core business that focuses on the super rich. Goldman's private wealth arm oversees $1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets. High net worth individuals — who would fall within the business Goldman is considering selling — typically have about $1 million to $10 million to invest Marc Nachmann, Goldman Sachs global head of Asset & Wealth Management, told Reuters the current strategy is to invest more on its core businesses such as ultra-high net worth and workplace growth strategy including the proceeds from the sale. «We think there's a lot of space for us to grow.

After a week of speculation, Goldman Sachs Group Inc. said Monday morning it was selling its registered investment advisor business, Personal Financial Management, to Creative Planning, a leading RIA with $245 billion in client assets.

Goldman Sachs Group struck a deal to sell an investment-advisory business aimed at the mass-affluent market to Creative Planning LLC, a $US240 billion ($373 billion) wealth-management firm, according to people with knowledge of the matter.

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Also Read: SoftBank’s Arm files for IPO that is set to be 2023’s biggest Additionally, Goldman Sachs is also pursuing the sale of its fintech business, GreenSky, and has sold the bulk of its unsecured consumer loans after it halted this category of lending last year, the Reuters report added. The shift in the bank’s strategy comes after CEO David Solomon restructured the company into three distinct units last year.

Goldman Sachs is exploring a sale of an investment-advisory business it bought four years ago, undoing another signature deal under CEO David Solomon’s ill-fated push to manage money for a broader set of customers.

By Saeed Azhar

Goldman Sachs is considering selling part of its wealth management division, the RIA unit formerly known as United Capital Financial Partners, in a bid to shift its focus back to the ultra-rich, it said Monday according to a Reuters report.

Investing.com — Goldman Sachs Group (NYSE:GS) is looking into a possible sale of its investment advisory operations it acquired almost half a decade ago, according to media reports on Monday, as the banking giant steps back from efforts to tap into a broader customer base.

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One day in mid-June, Lloyd Blankfein called David Solomon, CEO of Goldman Sachs. Solomon had not been expecting it.

New York | Goldman Sachs Group is turning to a longtime Lloyd Blankfein confidant as the Wall Street giant grapples with internal bickering and dissatisfaction in the ranks.

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