Goldman Sachs Group is reportedly reducing its asset management investment that it said has weighed on earnings. According to a Reuters report, Goldman’s asset management arm will significantly reduce its USD59bn of alternative investments. It plans to divest its positions over the next few years and replace some of those funds on its balance sheet with outside capital. The move comes as Goldman had a dismal fourth quarter, missing profit targets by a wide margin. The bank is also letting go of more than 3,000 employees in its biggest round of job cuts since the 2008 financial crisis. The bank will provide further details on its asset plan during Goldman Sachs’ investor day on February 28, according to the report.
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