The Goldman Sachs CEO is looking to change some of the traditional ways people at Goldman think about making money
related to Goldman’s ongoing effort to resolve the 1MBD scandal that has cast a bit of a pall over the firm for the last few years. The fact is that Goldman had a criminal—former partner—in the midst of its village of 37,000 people. Like all litigation, it will get resolved one way or another, most likely with an unprecedented and large settlement. And that will be that.
One mind-set that Solomon wants to change, according to the insider, is how people at Goldman Sachs think about products that cater more to Main Street than Wall Street. He won’t consider opening a bunch of Goldman Sachs bank branches . But he is very focused on creating the largest digital bank in the United States. Marcus, Goldman’s online savings platform, is the first step in the strategy.
Then there is the “alternative asset management” business—investing in private equity, venture capital, and hedge fund-like investments—that Goldman has been involved in for 30 years. “We are really good at it,” the insider says. But the firm has always been very secretive about its capabilities, whether because that’s just the Goldman way or because the political winds militate against people knowing more about what Goldman was doing in this area. Solomon wants to change that.
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