Competitor Profile: Goldman Sachs Wealth Management 2024

Competitor Profile: Goldman Sachs Wealth Management 2024

Summary

This report provides a comprehensive analysis of Goldman Sachs’ wealth management operations. It offers insights into the company’s strategy and financial performance, including key data on assets under management. Customer targeting, service proposition, product innovation, and marketing activities are also covered.

Goldman Sachs is one of the world’s leading investment banks. It operates through three business divisions: Global Banking & Markets, Asset & Wealth Management (AWM), and Platform Solutions. Goldman Sachs underwent a major restructuring in 2022 to strengthen its core businesses, diversify its products and services, and streamline its operations. The firm merged its Investment Banking and Global Markets businesses to create the Global Banking & Markets division. Similarly, its Asset Management and Consumer & Wealth Management businesses were combined to form the AWM division in line with the organization of other major Wall Street banks.

Scope

• Consistent with its restructuring, the bank is focused on divesting its consumer investment businesses. In June 2024, it sold the digital investing accounts of its robo-advisory platform, Marcus Invest, to Betterment, while in November 2023, it sold its Personal Financial Management unit to Creative Planning.
• Despite the recent restructuring, Goldman Sachs Wealth Management reported respective 80.3% and 4.0% growths in its operating revenue and pre-tax profit for 2023.
• The firm is steadily advancing towards achieving its sustainability finance targets. In 2023, the group financed and facilitated $130 billion in sustainable financing activity. This has led to a cumulative activity of $555 billion as of December 2023 that includes $302 billion in climate transition, $74 billion in inclusive growth, and the rest across multiple themes.

Reasons to Buy

• Examine Goldman Sachs Wealth Management's financial performance, key ratios, and assets under management growth.
• Benchmark the company against other global wealth managers.
• Understand its current strategic objectives and their impact on its financial performance.
• Discover its key products and client targeting strategies.
• Learn more about its marketing strategy, social media presence, and digital innovations.