Long considered Wall Street’s premier investment bank, Goldman has been under pressure for years to find other sources of income to even out the inevitable swings in the revenue it gets from trading and dealmaking. Shareholders watched with envy as the likes of UBS and Morgan Stanley built up wealth management arms that generated steadier fees. Now Solomon is heading down a similar path, but years later.
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Goldman Sachs doubles down on the rich
But Goldman will need more than that. Solomon’s not-so-sneaky plan is to leverage the bank’s budding and profitable franchise in corporate financial advice. “The building blocks are in place,” he said. “We think it’s a big opportunity for the firm.”
