Goldman Sachs mulls ‘strategic alternatives’ for consumer business after missteps

Chief Executive David Solomon said the company is considering “strategic alternatives” for its consumer business after admitting to stumbles over the business.The bank will aim to grow fees from asset and wealth management and try to make profits from a newly-created fintech unit as it laid out its priorities at the start of its second investor day.

Shareholders are awaiting more detail about its plans for Platform Solutions, formed after Goldman lost billions on its foray into consumer banking and reined in its ambitions. The pullback on costs could help the bank to meet its efficiency targets. Observers will focus on his plans to decrease Goldman’s reliance on trading and investment banking, which can be whipsawed by market volatility.

“Earnings could continue to be subdued for the next year or more, as the economic environment remains uncertain, which should pressure investment banking and asset management revenue,” said Michael Wong, an analyst at Morningstar Inc.

This company deserves every ounce of bad karma they’ve got coming to them for all the market manipulation and bogus analysis they’ve been playing at.

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