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.
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"We’re trying to be valuable."
He called them "spectacular by any standard."
It's catching on—but there's still a long way to go.
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