Goldman Sachs Group Inc. CEO David Solomon said Tuesday that the bank’s franchise remains “strong” despite setbacks in its consumer-banking unit, as he looked past a rough couple of months for the marquee investment bank.
Solomon and Goldman COO John Waldron said the bank is exploring strategic options to unlock value in its consumer-banking franchise, which includes its Marcus unit and other businesses. Solomon and other Goldman executives built more narrative and provided multiple data points around the bank’s move in January to reorganize under three major units: Asset and Wealth Management, Platform Solutions and Global Banking and Markets.Shares of Goldman Sachs fell 1.1% on Tuesday. The stock is a component of the Dow Jones Industrial Average DJIA , which fell 0.3%.
Its consumer-facing bank, Marcus, includes consumer deposit accounts and personal loans and is housed in Goldman’s profitable Asset and Wealth Management unit. The results from Marcus are not broken out. Leading up to the bank’s latest investor day, analysts have been issuing comments about initiatives that Solomon could make.
Goldman is going downhill.
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