Cost overruns and missed profitability goals have set off a rising tide of discontent inside the firm, concerned questions from regulators and most worryingly, the dismay of shareholders. Now, the bank is restructuring and reorienting those operations. Rather than catering to just about anyone, Goldman will sling some of its key consumer products through its wealth-management business, augmenting what is already one of the bank’s strengths.
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Under pressure, Goldman CEO ditches dream of consumer domination
“In the decades to come, I expect us to be a leader in our consumer business, just like we are in our institutional and corporate businesses,” Solomon wrote in a memo to staff in 2019, when Goldman launched its first credit card in partnership with Apple Inc.
