(CTN News) – Goldman Sachs announced on Monday that it may consider selling a portion of its wealth managementan announcement released that day.
According to reports, the New York bank is planning to reorganize its organization in such a way that its Personal Financial Management unit – which has $29 billion in assets – will be put up for sale as part of the reorganization process.
Currently, we are evaluating the alternatives for that business in order to Goldman Sachs determine where to invest our resources and where we see the greatest opportunity for the business in order to determine how to best utilize them.
During a recent interview with a representative of the company, who asked not to be identified, he stated, “We expect to see a result that benefits both the clients of the firm and the advisors as well.”.
It has been announced by Goldman Sachs that it is going to continue to focus on its $1 trillion ultra-high net worth wealth management division, which has over 16,000 clients and is catering to the mass affluent through an internal network of registered investment advisers, as this department caters to the mass affluent market.
Furthermore, the bank said it will continue to invest in and grow its services for the third-party registered investment advisor market through asset management, custody, structured notes, stock lending and deposit-taking products and services, especially to third-party registered investment advisors.
As of today, Goldman Sachs’ shares GS, -0.86% have dropped 5% so far this year, compared with a 14% rise in the S&P 500 SPX.
It was reported by the Financial Times on Monday that although Goldman Sachs CEO David Solomon has the support of the company’s board, the board will discuss internal dissension at a meeting next month in order to resolve the issue.