Goldman has gained share and has every intention of retaining it.

Goldman is all about 'grinding out' durable returns in its investment bank and markets business, and financing is key to thisĭan Dees, Goldman's co-head of global head of banking and markets, spoke a lot about grinding. Now, these revenues are due to come from the private bank and asset management businesses. Goldman may be less enthusiastic about retail banking than it used to be, but it's still enthusiastic about the principles that led it to retail banking in the first place: stable, fee-based revenues that don't consume capital and can be relied upon as a stable source of income. Speaking today, Goldman CEO David Solomon acknowledged that the firm has ' significantly narrowed ambitions' in retail banking, but said that its retail banking efforts so far have - at least - 'built a valuable deposit base.' Goldman is still all about capital-light fee-based recurring revenues This year, that won't happen again - although Goldman is only targeting a pre-tax profit in the platforms business by 2025. It's ok: the platforms business won't make another loss this yearįor the past three years, costs at Goldman Sachs' platform solutions business (including transaction banking, consumer platforms using Goldman's API, GreenSky consumer lending, but not its retail bank Marcus), have exceeded revenues. Today, Goldman also restated its 60% cost-income target, which it met only once in the past three years, although in 2020 the overshoot was partly the result of a $2.9bn fine associated with 1MDB scandal. Today, it hiked that target to 14% to 16%. Last time Goldman Sachs had an investment day, pre-pandemic in January 2020, it was targeting a return on tangible equity of 13%. Goldman hiked its returns target and restated its cost target If you want a summarized version without listening to the best in the business expounding upon their excitement about the Goldman journey and ecosystem, we are bringing that to you right here. For the first time since January 2023, Goldman's most senior and shiny people are taking to the floor and explaining why you should want to invest in and work for the firm.

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