Receive free Goldman Sachs Group updates
We’ll send you a myFT Daily Digest email rounding up the latest Goldman Sachs Group news every morning.
Goldman Sachs has agreed to sell its personal financial management division as chief executive David Solomon continues to unwind a botched foray into consumer banking.
The division, which offers financial planning to well off customers who are not super-rich, is being sold to Creative Planning, an investment and retirement adviser.
Goldman did not disclose the terms of the transaction, which it expects to complete in the fourth quarter of the year, but said it would book a gain on the sale.
“This transaction is progress toward executing the goals and targets we outlined at our investor day in February,” said Marc Nachmann, Goldman Sachs’ wealth management head.
Creative Planning, a wealth management firm with $245bn in assets, is run by chief executive Peter Mallouk, the author of several popular personal finance books including The Path: Accelerating Your Journey to Financial Freedom.
This is a developing story
Read the full article here
