When Goldman Sachs entered the credit card space in 2019, many consumer banks were concerned that a new competitor had emerged.
Photos: ReutersGoldman Sachs reported sharply higher earnings for the fourth quarter, giving the Wall Street Goliath a boost after a run of lackluster results.
But the strength wasn’t in Goldman’s traditional powerhouses, investment banking and trading.
Instead, it was asset and wealth management, where Goldman Chief Executive David Solomon has pinned much of its hopes.
The unit reported a 23% jump in revenue, while revenue from both investment banking and trading were down.
Persons:
Goldman Sachs, David Solomon
Organizations:
Goldman