Goldman Sachs Contemplates Selling Investment-Advisory Unit in Strategic Shift
Goldman Sachs is considering selling its investment advisory unit, Personal Financial Management (PFM), in a move that would reverse CEO David Solomon's strategy to expand the bank's clientele beyond the ultra-rich. The unit manages around $29 billion in assets. This potential sale follows Goldman's decision to sell its online consumer lending business, GreenSky. The bank's struggles this year have caused a rift between Solomon and his predecessor, Lloyd Blankfein, who denied reports of offering to return to the firm to assist Solomon. Goldman's earnings for the second quarter fell 58% and its stock price has declined.