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The FT explores that despite Solomon ploughing billions of dollars into businesses such as consumer banking, asset management and transaction services, little has changed in Goldman’s revenue mix since the days of his predecessor, Lloyd Blankfein. Trading and investment banking still make up the lion’s share.
Goldman’s challenges are particularly pronounced in retail finance. Six years after setting up its own online consumer bank, called Marcus, Goldman has yet to say when the operation will turn a profit, and people familiar with the matter say management is currently conducting a review of the division’s spending plans. A growing number of Wall Street analysts wonder whether the only way for Solomon to really change Goldman is through acquisition — perhaps by following the lead of Morgan Stanley, which shifted its business mix after the 2008 financial crisis with the purchases of wealth manager Smith Barney, online trading platform ETrade and asset manager Eaton Vance.
https://www.ft.com/content/30c61d67-8af9-474e-872a-b0c75258a781?sharetype=blocked
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