Goldman Sachs pulls back from retail banking in latest overhaul (FT)

Goldman Sachs said it was pulling back from its highly touted foray into retail banking to focus on its traditional strengths serving big corporations and wealthy investors as part of a sweeping reorganisation under chief executive David Solomon. Solomon said the Wall Street powerhouse was trying to align its online retail bank operations with its wealth management business, adding the latter was “a better place for us to be focused than to be out massively looking for consumers”. “The concept of really being broad with a consumer footprint is not really playing to our strengths,” he told CNBC. “But when you look at our wealth platform . . . the ability to add banking services to that and align it with that actually plays to our strength.” Click here to read full article

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