Goldman Sachs’ business model is not as precious as it used to be. CEO Lloyd Blankfein, back after a bout with cancer, is embarking on a cost cutting effort. At the same time the bank is changing its long-held focus on the top tiers of corporate America, and the 1%. It recently announced a plan to start an internet bank that caters to middle income Americans. Goldman also in early 2016 bought a company that manages 401(k) plans for small businesses. All of those moves will hopefully boost Goldman’s profitability, which is still way below where it was before the financial crisis.
News about Goldman Sachs Group
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For years the company has grappled with tapping the mass affluent segment without diluting its brand
The payoffs are clear for an industry engaged in rounds of relentless cost-cutting.
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