Goldman Sachs CEO David Solomon mentioned Tuesday that asset administration and wealth administration can be the expansion engine for the financial institution after his efforts in shopper finance went awry.
“The actual story of alternative for progress for us within the coming years is round asset administration and wealth administration,” Solomon informed CNBC’s Andrew Ross Sorkin. Solomon added that Goldman was already the fifth largest energetic asset supervisor on the planet.
“There’s actual alternative throughout the agency for us to proceed to make the agency extra sturdy,” Solomon mentioned.
He additionally acknowledged that the corporate did not “execute effectively” on components of his shopper push, however added that administration would replicate and be taught from the episode.
Goldman was scheduled to carry its second-ever investor day later Tuesday. The agency launched a slideshow for the occasion on-line, wherein it gave up to date targets for progress in its asset and wealth administration division and a 2025 breakeven goal for its money-losing platform options division.
It additionally reiterated its goal for 15% to 17% return on tangible fairness, a key metric tracked by financial institution buyers.
This story is creating. Please verify again for updates.