After a year in which profits slumped by half and a consumer-banking strategy unraveled, executives plan to offer a more forceful case for shareholders to appreciate its $2.5 trillion asset and wealth management business. The top brass sees the unit, dubbed AWM, as critical to unlocking a higher valuation.
“It’s not good to see Goldman flailing,” UBS Group AG banking analyst Brennan Hawken said in an interview. “There’s a perception that all the partners are not singing from the same hymn book. It leads investors to conclude that the CEO might be losing confidence of the partners. And that is worrying.”
One planned solution: reassure investors and analysts that a mini Blackstone Inc. exists inside Goldman Sachs, and that it can smooth out lumpy earnings and print profits through good times and bad — by wagering other people’s money instead of its own. “The idea of durable revenue or ballast has been around for a quarter of a century,” Wells Fargo analyst Mike Mayo said in an interview. “In terms of Wall Street, this is not a new objective. I would like to see more execution than words.”
AWM is now led by Marc Nachmann, who’s held leadership roles in each of Goldman’s major money-making groups since Solomon took the top job. Nachmann helped run the dealmaking unit, and in his last posting, was co-head of the trading group, the biggest revenue generator at the firm with a growing share of the financing business.
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