Goldman Sachs is going through a huge transformation under CEO David Solomon. Here’s everything you need to know.
by Business Insider, Business Insider US- The storied investment bank is in the midst of a transformation.
- The Wall Street bank is moving away from high-risk businesses like trading that were once lucrative but have since slowed, and towards more stable areas like consumer lending.
- Business Insider reports regularly on the latest developments at Goldman. You can read our stories by subscribing to BI Prime.
Here’s everything we know about what’s going on inside Goldman, from its changing tech culture to shakeups in its inner ranks.
Consumer banking/wealth
- Goldman Sachs is sending much less mail to potential Marcus customers. A senior exec lays out the reason why.
- A Goldman Sachs exec explains why the bank isn’t sweating concerns over the Apple Card’s profitability
- A Wall Street firm crunched the numbers around how much Apple will make from its new credit card with Goldman Sachs
- Here’s why Goldman Sachs just did its biggest deal in nearly 20 years as part of a pivot to less wealthy clients
- Goldman Sachs execs are opening up about their plans for Marcus, and they think it can do to banking what iTunes did to the music industry
- Goldman Sachs’ partnership with Apple could move it a step closer to being ‘a bank branch in your pocket’
- Human resources is the next battleground for Wall Street wealth advisers as Morgan Stanley and Goldman Sachs jockey over new turf
- Goldman Sachs has a novel method for predicting the next economic slump, and it’s at the heart of its hot new business
Technology
- Goldman Sachs is putting its own Marquee app on Amazon’s cloud in a pitch to lure more fintech developers
- Goldman Sachs is embracing open-source code and its chief data officer says it’s part of a “new world” of software
- Read the memo the new Goldman tech chief sent to the firm’s 9,000-plus engineers where he urges them to ditch presentations in favor of Amazon’s famous narratives
- A new Goldman Sachs tech exec hired from Amazon is taking a page from the Jeff Bezos playbook by urging engineers to ditch PowerPoint and write memos
- Goldman Sachs’ new CTO shares his strategy for attracting outside developers to work more closely with the bank, giving a glimpse into the future of how Wall Street will work
- A Verizon executive is joining Goldman Sachs as chief technology officer as the Wall Street bank reshuffles its ranks
- Marty Chavez is retiring from Goldman Sachs. We chatted with him about the bank’s tech transformation, why now is the right time for him to step down, and what he’s planning next.
- Goldman Sachs tech guru Marty Chavez is retiring from the bank
- Goldman Sachs’ CEO just warned that the bank’s big tech bets might not pay off as quickly as people hope
- Goldman Sachs is scrapping a homegrown email app it once touted – and it’s a sign the bank is moving away from building tech in house
- Goldman Sachs is exploring plans to create a Netflix for data, and it marks a new frontier for Wall Street
- Goldman Sachs’ internal idea factory hatched a plan for the Google of Wall Street, and it’s now looking for the next big thing to disrupt the bank
- Goldman Sachs’ big bet on the future of Wall Street had a rocky start. Here’s the inside story of the bank’s struggle to grow its next business and an exclusive look at its plans
Trading
- Goldman Sachs’ massive quant business now rivals AQR and Two Sigma. We talked to the bank’s top quant about asset growth, finding data sources, and why critics of computerized trading are wrong.
- Goldman Sachs’ CEO tells us the bank is winning over quant clients. That helped it outpace rivals like JPMorgan last quarter.
- Goldman Sachs is cutting about 5% of sales and trading staff after senior equities leaders delivered a tough town-hall talk
- Goldman Sachs is moving away from a tool championed by its former CFO as it pushes its traders to see clients where they once saw quick wins
- Goldman Sachs is shuffling its top stock trading executives as the business tries to claw back market share from Morgan Stanley and JPMorgan
- Goldman Sachs’s bond trading unit is still trying to find its way – and it represents a key challenge for new CEO David Solomon
Alternatives
- Goldman Sachs’ push into private equity is ruffling feathers at Blackstone – and it might be a sign of big client skirmishes to come
- Goldman Sachs execs are jockeying for control of the firm’s lucrative private investing units after a plan to merge it – and the stakes couldn’t be higher
- Meet the Goldman Sachs execs tasked with building the firms’ new Blackstone-esque private-investing unit – and pumping up the bank’s flagging stock price
- ‘It’s good to be Rich’: Meet the Goldman Sachs banker who has built a private investing empire that goes head-to-head with Blackstone – and you’ve probably never heard of him
- Goldman Sachs is considering a shakeup of its alternative investing units as part of a plan to simplify the bank’s strategy
Deals
- Goldman Sachs is assembling a team of senior bankers focused on middle-market private equity. Here are the key hires and the playbook they’ll use to land new clients.
- Goldman Sachs unloaded some of its WeWork shares before its investment bankers pitched investors on what it once considered a $60 billion-plus IPO
- Goldman Sachs just revealed it sold part of its Uber stake to SoftBank and it helped boost a $4.5 billion business
- A senior Goldman Sachs fintech banker was about to join JPMorgan – but then got lured back -and it’s another sign of the fierce battle for M&A talent
- Goldman just promoted a star tech banker close to Tesla and Microsoft to co-head one of its most profitable businesses, as incoming CEO Solomon makes his mark
- Goldman Sachs just announced a shakeup of its leadership – and it signals the rise of bankers over traders
- A tug-of-war between Goldman Sachs and JPMorgan over a top banker highlights Wall Street’s $1 trillion battleground
Culture and inclusion
- Goldman Sachs just unveiled a new gender pronouns initiative as part of a broader inclusion push at the Wall Street firm
- Read the memo Goldman Sachs just sent to its employees unveiling a new pronouns initiative
Careers
- Another Goldman Sachs partner is out. HR chief Dane Holmes is the latest key player to leave the Wall Street bank in a matter of days.
- Goldman Sachs is offering buyouts to encourage partners to leave as CEO David Solomon works to shrink one of the most elite clubs on Wall Street
- Goldman Sachs is making renewable energy a big priority based on its hiring strategy. It’s a sign that its ideas incubator is working.
- The David Solomon era at Goldman Sachs kicked off with 43 words Lloyd Blankfein would never say
- Goldman Sachs CEO David Solomon shares his best leadership advice
- Goldman Sachs is shaking up the way it stocks one of the most elite clubs on Wall Street – and it shows how banks are back to making money again
- Goldman Sachs’ 1MDB problems are eating into employee morale, and insiders worry the firm will use its legal woes as an excuse to scrimp on bonuses
- Goldman Sachs is about to move dozens of jobs out of pricey New York to Utah as Wall Street turns to cheaper cities