Goldman Sachs doesn’t want to be everybody’s bank, but it has to be somebody’s


Goldman Sachs Group Inc. admitted defeat in his ambitious plan to become everyone’s bank. Now he has to figure out how to be a bank to someone.

CEO David Solomon told analysts and shareholders at a private investor day at its headquarters this week that the company is shrinking consumer banking, their checking and credit card accounts. Instead, he says, growth comes from wealth management for institutions and the wealthy, a business that generates regular payments when markets rise or fall.

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