Connect with us

Hi, what are you looking for?


Goldman Sachs CEO sees growth opportunity in ‘asset management’

Goldman Sachs Group Inc (NYSE: GS) opened down today after CEO David Solomon confirmed that the Wall Street bank was considering “strategic alternatives” for its consumer businesses.

CEO Solomon’s take on asset management

Speaking with CNBC, the chief executive also added that the next leg of growth for the financial services behemoth was likely to come out of asset management.

The real story of opportunity for growth for us in the coming years is around asset management and wealth management. We’re running the fifth largest active asset manager in the world.

He agreed that the bank failed to execute well in expanding its footprint in consumer finance. Goldman Sachs now plans on searching for buyers to offload a portfolio of consumer loans.

Shares of the multinational are currently up more than 4.0% from its recent low.

Goldman Sachs held investor day on Tuesday

Goldman Sachs hosted its second-ever investor day today, in which, it reaffirmed the target for return on tangible equity (ROTE) of 15% to 17%.

Last month, the investment bank reported its worst earnings miss in about a decade as Invezz posted HERE. Still, CEO Solomon said:

One of the reasons why our stock on a relative basis has performed reasonably well over the last few years is that we’ve grown the earnings of the firm materially. Our EPS in 2022 was 40% more than before our last investor day.

Wall Street currently recommends buying Goldman Sachs stock as well and sees upside in it to $400 a share on average. In January, the New York-based company also said it will lay off about 3,200 of its worldwide employees.

The post Goldman Sachs CEO sees growth opportunity in ‘asset management’ appeared first on Invezz.

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.

    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like


    Reprinted from the Future of Freedom Foundation President Biden’s campaign to banish (or maybe outlaw) political paranoia took a wallop last spring. In April,...


    Inflation appears to be on the decline. The Personal Consumption Expenditures Price Index (PCEPI), which is the Federal Reserve’s preferred measure of inflation, grew...

    Editor's Pick

    It’s already a cliché, but technology is rapidly improving. And for many businesses, it’s hard to catch up. However, it’s not just the average...

    Editor's Pick

    At Broadband World Forum 2022, Fibocom launched 5G module FG370 based on MediaTek T830 platform, aiming to empower the deployment of 5G FWA for...

    Disclaimer:, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2022 All Rights Reserved.