Solomon’s new strategy relies on the bank building up stable, fee-generating business while unwinding billions in proprietary investments to free up capacity to do more for clients. The man charged with doing it is Marc Nachmann, one of Solomon’s trusted fixers, who previously boosted trading revenues and was elevated to the position of global head of asset and wealth management during last year’s restructuring. Guidance that Nachmann gave to investors earlier this year suggests AWM could account for about a third of the bank’s annual net revenues within two years. In February, he indicated the division was aiming for pre-tax margins in the mid-20 per cents. Combined with Waldron’s profit figures, that translates to annual net revenue between $16bn and $20bn, compared with Goldman’s three-year group average of $50bn.

https://www.ft.com/content/98dd33bc-4984-4878-ab99-6614e014f8bf