Why Goldman's consumer ambitions failed, and what it means for CEO David Solomon
Publishing timestamp: 2023-02-27 11:44:31
Summary
Goldman Sachs CEO David Solomon's decisions regarding the consumer banking business, Marcus, ultimately led to its collapse. Solomon's decisions, along with Goldman's hard-charging, ego-driven culture, caused Marcus to buckle under the weight of Solomon's ambitions. Solomon will provide details on his plan to build durable sources of revenue growth at an investor day conference on Tuesday. Goldman's core trading and investment banking operations have performed well, but investors are not rewarding Solomon with a higher multiple on his earnings.
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