Goldman CEO says asset management is the new growth engine, will learn from bungled consumer effort
Goldman Sachs CEO David Solomon said Tuesday that asset management and wealth management would be the growth engine for the bank after his efforts in consumer finance went awry.
"The real story of opportunity for growth for us in the coming years is around asset management and wealth management," Solomon told CNBC's Andrew Ross Sorkin. Solomon added that Goldman was already the fifth biggest active asset manager in the world.
"There's real opportunity across the firm for us to continue to make the firm more durable," Solomon said.
He also acknowledged that the company didn't "execute well" on parts of his consumer push, but added that management would reflect and learn from the episode.
Goldman was scheduled to hold its second-ever investor day later Tuesday. The firm released a slideshow for the event online, in which it gave updated targets for growth in its asset and wealth management division and a 2025 breakeven target for its money-losing platform solutions division.
It also reiterated its target for 15% to 17% return on tangible equity, a key metric tracked by bank investors.
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