Goldman Sachs Considers Selling Wealth Business in Retreat from Mass Market

Goldman Sachs is considering selling a portion of its wealth business, specifically its registered investment adviser (RIA) unit called Personal Financial Management (PFM), which manages around $29 billion in assets. This move is part of the bank's strategy to refocus on serving ultra-rich clients and retreat from its consumer operations. The potential divestment follows Goldman's reorganization into three units last year and its plans to sell its fintech business, GreenSky. The bank aims to grow its core wealth business catering to ultra-high net worth clients, while its wealth management arm has lagged behind rivals like Morgan Stanley.