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☆ Goldman Sachs bought Joe Duran's wealth business and sold it 3 years later. The ex-partner spills on leaving, his new venture, and 'not living up to everything possible.'
▼ + stars: | 2024-02-22 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

Three years prior, he had sold United Capital, a registered investment advisor, to Goldman Sachs for $750 million. Duran's mandate was to run United Capital as well as Ayco, the bank's workplace financial planning unit. Finding his next mountain to climbDuran described his time with Goldman Sachs as "a fantastic experience in almost every way." In working for nine months on that strategy, he realized how much the industry had changed since he sold United Capital in 2019. "He has been a good partner at Goldman Sachs, and we're excited to cross paths with him again soon."

Persons: —, Joe Duran, Goldman Sachs, David Solomon's, Duran, wasn't, Julian Salisbury, Dina Powell, McCormick, Goldman, it's, I've, United Capital Duran, Joe, Tucker, There's Organizations: Service, United Capital, Business, Goldman, Growth Partners, Ritz, Carlton, Westin, General Electric

☆ Why former Goldman Sachs partners say they left the firm
▼ + stars: | 2023-09-20 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +23 min

Goldman Sachs partners are leaving — some 202 during David Solomon's five years as CEO by Insider's calculation. In particular, before Solomon, Goldman nurtured many fiefs and then spread the wealth from the most successful ones across the firm. Of the former Goldman executives that Insider interviewed, here are the most cited reasons they gave for leaving Goldman. When both men struggled, senior partners left, and Goldman stumbled in its efforts to wind down its balance-sheet investments. Goldman Sachs partners are paid well by any standard: $950,000 in base salary and often multiples of that in annual bonuses.

Persons: Goldman Sachs, David Solomon's, Solomon, Goldman, David Solomon, John Waldron, Goldman's, Adebayo Ogunlesi, Mike Mayo, Andrew Toth, Devin Ryan, Ryan, Waldron, Tony Fratto, Mike Blake, Eric Lane, Julian Salisbury, Lane, Luke Sarsfield, Sarsfield, Marc Nachmann, he's, Fratto, Stephanie Cohen, Cohen, Kathy Ruemmler, Charles Dharapak, Barack Obama's, Kenneth Lay, Jeffrey Skilling, Ruemmler, Unbeknown, Jeffrey Epstein, dealmaking, David S, Holloway, Mayo, David doesn't, GreenSky, Brendan McDermid, It's, Alison Mass, Hank Paulson, Russell Horwitz, David, it's, Emmalyse Brownstein Organizations: Wall, JPMorgan, Wells, Wells Fargo Securities, Investors, Goldman, AWM, Sarsfield, BAE Systems, Justice Department, Street Journal, Bloomberg, Employees, Partners, Federal Reserve, United Capital Financial Partners, Reuters, GreenSky Locations: New York, Wells Fargo, Salisbury, Manhattan, Texas, Plano, London, Paris, Chicago

☆ CNBC Daily Open: Despite Monday’s bounce, stocks are still shaky
▼ + stars: | 2023-08-29 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Investors may be heaving a sigh of relief because stocks have had more down weeks than up so far this month. But September's historically the worst month for stocks, according to CFRA data. And stocks still look vulnerable going into the new month, CNBC Pro's Bob Pisani writes.

Persons: Goldman offloads, Goldman Sachs, Goldman, David Solomon, Bob Pisani Organizations: New York Stock Exchange, CNBC, Creative Planning, United Capital Financial Partners, Google, Tesla Energy, Aurora, Nasdaq Locations: New York City

☆ CNBC Daily Open: Despite Monday’s bounce, stocks are still wobbly
▼ + stars: | 2023-08-29 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

A trader works on the floor of the New York Stock Exchange during opening bell in New York City on August 21, 2023. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Artificial intelligence, human controlArtificial intelligence must be "subject to human control," Microsoft's president and vice-chairman Brad Smith told CNBC in an exclusive interview. Monetizing Google Maps dataGoogle is planning to license solar and environment data to companies, CNBC has learned.

Persons: Hong, Goldman offloads, Goldman Sachs, Goldman, David Solomon, Brad Smith, Smith Organizations: New York Stock Exchange, CNBC, Nikkei, Creative Planning, United Capital Financial Partners, Google, Tesla Energy, Aurora, Nvidia, Sanlam Investments Locations: New York City, Asia, Pacific

People walk in the Goldman Sachs global headquarters in Manhattan, New York, U.S., November 15, 2021. Goldman's private wealth arm oversees $1 trillion in assets for ultra-high net worth clients, who have $60 million or more in investable assets. The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, Goldman said. Shares of Goldman Sachs were up 1.8% in afternoon trade. Goldman Sachs & Co LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Marc Nachmann, Nachmann, Daniel Fannon, Weil, Saeed Azhar, Manya, Marguerita Choy, Megan Davies Organizations: REUTERS, Creative Planning, United Capital Financial Partners, Wealth Management, Reuters, Jefferies, Co, Gotshal, Manya Saini, Thomson Locations: Manhattan , New York, U.S, New York, Bengaluru

☆ Goldman Sachs to sell wealth advisory unit to Creative Planning
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly//File Photo Acquire Licensing RightsAug 28 (Reuters) - Goldman Sachs (GS.N) on Monday said it has struck a deal to sell an investment advisory business to wealth management firm Creative Planning LLC. Creative Planning is an independent wealth management firm with more than 2,100 employees across its affiliates and $245 billion in combined assets under management and advisory. "It is margin accretive to Asset & Wealth Management and allows us to focus on the execution of our premier ultra-high net worth wealth management and workplace growth strategy," said Marc Nachmann, Goldman Sachs global head of Asset & Wealth Management in a statement. The bank can serve high net worth investors through RIA and other wealth management clients, such as Creative Planning, he said. Goldman Sachs & Co LLC is serving as financial advisor and Weil, Gotshal & Manages LLP is serving as legal counsel to Goldman Sachs.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Marc Nachmann, Weil, Manya Saini, Saeed Azhar, Marguerita Choy Organizations: New York Stock Exchange, REUTERS, Creative Planning, United Capital Financial Partners, Creative, Wealth Management, Co, Gotshal, Thomson Locations: New York City , New York, U.S, Bengaluru, New York

☆ Goldman Sachs unloads another business acquired under CEO David Solomon
▼ + stars: | 2023-08-28 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Goldman Sachs said Monday that it agreed to sell its personal financial management unit to a competitor named Creative Planning. The bank declined to disclose the sale price for its PFM business. Goldman said in February that it only had about 1% of the high net worth market, or those who have between $1 million and $10 million to invest. The sale "allows us to focus on the execution of our premier ultra-high net worth wealth management and workplace growth strategy" while continuing to support high net worth clients through a strategic partnership with Creative Planning, he said. Selling the PFM business will help boost profit margins in Goldman's asset and wealth management division, Jefferies analysts led by Daniel Fannon wrote Monday in a research note.

Persons: David Solomon, Goldman Sachs, Rishi Sunak, Goldman, Marc Nachmann, Daniel Fannon, Marcus, Fannon Organizations: Business, Washington DC, Creative Planning, United Capital Financial Partners, Goldman, Jefferies, Creative Locations: Washington, Washington , DC, New York, 2Q23, Kansas

☆ Goldman Sachs weighs selling part of wealth business in broad strategy revamp
▼ + stars: | 2023-08-21 | by ( Saeed Azhar | ) www.reuters.com time to read: +3 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. The purchase was aimed at broadening Goldman's client list beyond the ultra-rich, but the unit has remained a small part of the bank's wealth business. High net worth individuals - who would fall within the business Goldman is considering selling - typically have about $1 million to $10 million to invest. Goldman's wealth business has lagged behind rivals, including Morgan Stanley (MS.N), where CEO James Gorman built the wealth management arm through a series of acquisitions that generate steady income from fees. The bank plans to grow its core wealth business serving ultra-high-net-worth clients, reiterating aspirations from its investor day in late February.

Persons: Goldman Sachs, Andrew Kelly, David Solomon, Goldman, Stephen Biggar, They've, Biggar, RIA, Morgan Stanley, James Gorman, Solomon, Marcus, Saeed Azhar, Lananh Nguyen, Tom Hogue, Sharon Singleton, Jonathan Oatis, Deepa Babington Organizations: New York Stock Exchange, REUTERS, Argus Research, RIA, United Capital Financial Partners, Thomson Locations: New York City , New York, U.S, Ayco

☆ Goldman Sachs weighs sale of part of its wealth business
▼ + stars: | 2023-08-21 | by ( Saeed Azhar | ) www.reuters.com time to read: +3 min

The purchase aimed to broaden Goldman's client list beyond the ultra-rich, but the unit has remained a small part of the bank's wealth business. The potential divestments come after CEO David Solomon reorganized the firm into three units last year and scaled back ambitions for its loss-making consumer business. Goldman's wealth business has lagged rivals, including Morgan Stanley (MS.N), where CEO James Gorman built the wealth management arm through a series of acquisitions that generate steady income from fees. The bank plans to grow its core wealth business serving ultra-high net worth clients, reiterating aspirations from its investor day in late February. Other core wealth businesses include workplace financial planning through Ayco, and Marcus savings, Goldman said.

Persons: Goldman Sachs, Andrew Kelly, Goldman, RIABiz, David Solomon, Stephen Biggar, They've, Biggar, Morgan Stanley, James Gorman, Solomon, Marcus, Saeed Azhar, Lananh Nguyen, Tom Hogue, Sharon Singleton Organizations: New York Stock Exchange, REUTERS, GreenSky, RIA, United Capital Financial Partners, Argus Research, Thomson Locations: New York City , New York, U.S, Ayco

☆ Goldman Sachs weighs sale for part of its wealth business
▼ + stars: | 2023-08-21 | by ( Saeed Azhar | ) www.reuters.com time to read: +2 min

The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Aug 21 (Reuters) - Goldman Sachs (GS.N) is weighing the sale of a part of its wealth business catering to high net worth clients, it said on Monday, as it shifts its focus back to serving the ultra-rich. The purchase aimed to broaden Goldman's client list beyond the ultra-rich, but the unit has remained a small part of the bank's wealth business. Goldman's private wealth unit oversees $1 trillion in assets for ultra-high net worth clients. The bank plans to grow its core wealth business serving ultra-high net worth clients, reiterating aspirations from its investor day in late February.

Persons: Goldman Sachs, Andrew Kelly, Goldman, David Solomon, Solomon, Marcus, Saeed Azhar, Lananh Nguyen, Tom Hogue Organizations: New York Stock Exchange, REUTERS, United Capital Financial Partners, Thomson Locations: New York City , New York, U.S, Ayco

☆ Why wealth management is Goldman Sachs' new 'crown jewel' with dealmaking at a standstill
▼ + stars: | 2023-01-18 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +5 min

CEO David Solomon acknowledged that a stronger wealth and asset management business would have helped the bank weather the storm. One of Solomon's three key priorities for Goldman Sachs is growing management fees in the asset and wealth management arm. Solomon touted the potential for its workplace wealth offering Ayco in October, but private wealth management is another opportunity. Of 43 job postings in asset and wealth management based in the US, 15 are within the private wealth unit. The wealth management business also boosts Goldman's other services, as the bank's co-head of asset management Julian Salisbury said in September.

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