The 9 biggest takeaways from Goldman Sachs' investor day, from a tense Q&A with CEO David Solomon to the tater tots for breakfast
Nonetheless, at least some of the bank's backers aren't going anywhere and maintain their confidence in Goldman Sachs to be, well, Goldman Sachs.
Here are nine of the most fascinating things to know coming out of Goldman's investor day, from the bank's strategy to rightsize its consumer business to Solomon's tense Q&A with analysts. Hayley Cuccinello In his opening remarks, Solomon admitted that the bank had made some"clear stumbles" in trying to grow the consumer banking business.
In 2020, Solomon, Waldron, and other executives could still be seen sporting ties as they described Goldman's businesses. In 2023, not so much. None of the executives speaking Tuesday sported a tie when they took the stage. Screenshot The bank also expects to free up $400 million in non-compensation related expenses by spending less on marketing and other areas such as"professional fees," he said.
Cohen's job was made more difficult by the fact that twice already, earlier in the day, both Solomon and Waldronthe prospect of Goldman pursuing"strategic alternatives" for the bank's consumer efforts. "As we now move forward with these platforms, in addition to running them better, we'll consider strategic alternatives. I know that everybody wants a very straightforward, simple answer as to exactly what that means and what it could look like, but there's lots of different ways," he continued.
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