Goldman Sachs announced on 21 August its consideration to sell part of its wealth business dedicated to high net worth clients. The bank is assessing alternatives for its Personal Financial Management (PFM) unit, responsible for managing approximately USD29bn. Acquired in 2019 for USD750m, PFM was intended to expand Goldman’s clientele beyond the ultra-rich. However, the unit has remained a minor segment of the bank’s vast wealth business, which manages USD1tr for ultra-high net worth clients. This potential sale follows a restructuring by CEO David Solomon last year, emphasising a focus on their core wealth businesses catering to the ultra-rich. The shift aligns with the bank’s intent to leverage stable revenue streams, in contrast to the fluctuating earnings from investment banking and trading.
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