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Goldman Sachs unloads another business acquired under CEO David Solomon

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Amid CEO David Solomon's push to unload or shutter several businesses tied to his retail banking plan, the high-net worth business was deemed too small.

"This transaction is progress toward executing the goals and targets we outlined at our investor day in February," Marc Nachmann, global head of asset and wealth management at Goldman, said Monday in a statement.

The sale "allows us to focus on the execution of our premier ultra-high net worth wealth management and workplace growth strategy" while continuing to support high net worth clients through a strategic partnership with Creative Planning, he said. Creative Planning is a Kansas-based registered investment advisor with more than 2,100 employees and $245 billion in assets under management and advisement.

 

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