Goldman Sachs chairman and CEO David Solomon said the company made mistakes in its consumer business and would initiate other strategies to repair the issue.
Stephanie Cohen, Global Head of Platform Solutions at Goldman Sachs, speaks during the Goldman Sachs Investor Day at Goldman Sachs Headquarters in New York City, Feb. 28, 2023.
Without specifying on particulars, Solomon said Goldman Sachs would also consider "strategic alternatives" for its consumer platforms, while restating a longer-term target for return on tangible equity of 15% to 17%."that weighed on profits last year, by identifying a $30 billion historical principal investment portfolio earmarked for sell-down and lay out a plan to reduce this portfolio to zero over the medium term.
Goldman restated a longer-term target for return on tangible equity of 15% to 17% "through the cycle" and said it had "significant" room to grow market share for wealth management in the United States and globally. After a solid performance in recent years, Goldman's markets division could weaken in the short-to-medium term because "trading is a wildcard," Solomon said.
Separately, the CEO also warned in an interview with CNBC that operating in China will get tougher over the next couple of years, but added that the bank would continue to serve clients in the country.
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