Goldman Sachs ’ transformation continues, with the Wall Street firm saying Monday that it is “currently evaluating alternatives” for its personal-financial- management business.
Goldman’s personal-financial-management business was born out of the bank’s earlier ambition to serve more so-called mass affluent consumers. The firm began bulking up in that area with the 2019 acquisition of United Capital for $750 million in 2019. As of the end of 2022, the unit had approximately $29 billion in assets under supervision, according to regulatory filings.
“Personal Financial Management , our proprietary RIA business, is a very small component of our overall wealth franchise,” Goldman said in a statement announcing plans to seek alternatives. “We expect to find an outcome that benefits both our clients and our advisors” Goldman made its moves into consumer lending and financial planning for the mass affluent believing that there was a large untapped market and that the new business segments could provide a more durable source of revenue at times when trading and deal making—Goldman’s traditional bread-and-butter—were weaker. But many inside and outside of Goldman felt these new business lines were out of step with the bank’s strengths and culture.
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