David Solomon Goldman Sachs

Summary List Placement

To anyone who doubted if Goldman Sachs would continue aggressively growing the wealth management platform it bought last year for $750 million, the leader of the business has a definitive answer. 

“I think we’re in the early stages of the exponential part of the growth curve,” Joe Duran, chief executive of Goldman Sachs Personal Financial Management (PFM), told Business Insider in a recent phone interview. “We’re still learning how to do this.”

The wealth unit, which focuses on ultra-high-net-worth clients, has also received a significant boost from corporate clients.

With business in many sectors suffering due to the coronavirus, companies doing layoffs or offering early retirements have reached out to PFM to advise affected employees to make sure they are aware of and take full use of their benefits, he said. 

To that end, Duran has ambitious hiring plans over the next year. He said he would be making many outside hires, with other additions to come from internal transfers from the private wealth management unit or Ayco business, which offers financial advice to company executives.

“I suspect we’ll end up adding dozens of advisors over the course of the next year,” Duran said, adding that those plans are “all contingent on what …read more

Source:: Businessinsider – Finance


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