Earlier this week, Goldman Sachs announced another major shift in strategy. Chief executive David Solomon is ditching the plan to build a mass-market consumer banking brand and will instead double down on rich people.
Long considered Wall Street’s premier investment bank, Goldman has been under pressure for years to find other sources of income to even out the inevitable swings in the revenue it gets from trading and dealmaking. Shareholders watched with envy as the likes of UBS and Morgan Stanley built up wealth management arms that generated steadier fees.
Now Solomon is heading down a similar path, but years later. So how is Goldman going to find the clients it needs to catch up?
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