Goldman Sachs is considering the sale of its Personal Financial Management unit, further accelerating its retreat from the mass-market banking business.
The business caters to the mass affluent through an internal network of registered investment advisors. It currently manages $29 billion in client assets.
A company spokesman states: “We are currently evaluating alternatives for that business as we determine where to invest our resources and where we see the greatest opportunity. We expect to find an outcome that benefits both our clients and our advisors.”
Goldman says it will retain its services for the 16,000 ultra-high net worth clients on its books.
Goldman has been retreating from the consumer market, hiving off digital bank Marcus and putting the Apple credit card business into a new Platform Solutions unit alongside the firm's transaction banking operations and BNPL outfit Greensky.
In January it reported that the Platform Solutions unit made a pre-tax loss of $1.2 billion in the first nine months of 2022.