By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
AmextaFinanceAmextaFinance
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Notification Show More
Aa
AmextaFinanceAmextaFinance
Aa
  • Banking
  • Credit Cards
  • Loans
  • Dept Management
  • Mortgage
  • Markets
  • Investing
  • Small Business
  • Videos
  • Home
  • News
  • Banking
  • Credit Cards
  • Loans
  • Mortgage
  • Investing
  • Markets
    • Stocks
    • Commodities
    • Crypto
    • Forex
  • Videos
  • More
    • Finance
    • Dept Management
    • Small Business
Follow US
AmextaFinance > Banking > Goldman Sachs is getting back to its core strength so buy the stock, says top analyst
Banking

Goldman Sachs is getting back to its core strength so buy the stock, says top analyst

News Room
Last updated: 2023/08/29 at 1:39 PM
By News Room
Share
2 Min Read
SHARE

Goldman Sachs is hitting the reset button and giving investors an opportunity to buy into the blue chip bank stock, according to Wells Fargo. Goldman’s embattled CEO David Solomon is rolling back consumer-focused efforts that led to heavy spending and underwhelming stock performance. The latest move came Monday, when Goldman reached a deal to sell its personal financial management division to advisory firm Creative Planning. Wells Fargo analyst Mike Mayo said in a note to clients Monday night that the sale is a solid step toward a leaner, more focused Goldman that will benefit shareholders. “GS is demonstrating its desire to get back to its core strengths,” Mayo said. “To us, the expansion in consumer did not make strategic or financial sense, costing the firm at least $3B over the past 3 years. Yet, the moves that we did not like are now getting reversed.” Goldman is not completely exiting the world of wealth management but is scaling back in a way that is a better fit with its traditional business, Wells Fargo said. “This involves white glove, Northern Trust-like private banking service to sophisticated investors with more complex needs — this is how Goldman typically provides more value and gets better margins for any business. GS will continue to serve personal asset mgmt, but through at-work and indirect channels,” Mayo said. Wells Fargo has an overweight rating on Goldman Sachs, with a price target of $390 per share. The target is more than 19% above where the stock closed Monday. — CNBC’s Michael Bloom contributed reporting.

Read the full article here

News Room August 29, 2023 August 29, 2023
Share this Article
Facebook Twitter Copy Link Print
Leave a comment Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Finance Weekly Newsletter

Join now for the latest news, tips, and analysis about personal finance, credit cards, dept management, and many more from our experts.
Join Now
Trump threatens Apple with 25% tariff on iPhones

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

JPMorgan’s Jamie Dimon to ‘deepen engagement’ with China

Stay informed with free updatesSimply sign up to the US-China relations myFT…

Trump’s ‘big, beautiful’ budget is spooking investors

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Investors shift away from US bond market on fears over Donald Trump’s policies

Unlock the White House Watch newsletter for freeYour guide to what Trump’s…

Generative AI models are skilled in the art of bullshit

Stay informed with free updatesSimply sign up to the Artificial intelligence myFT…

- Advertisement -
Ad imageAd image

You Might Also Like

Banking

One Of America’s Longest-Serving CEOs Has Advice On Humor And Risk

By News Room
Banking

6 Resources Investors Can Be Thankful For This Holiday Season

By News Room
Banking

From Fintech’s Top Founders To Wall Street’s Best Dealmakers: 30 Under 30 Finance 2024

By News Room
Banking

One Part Tech, One Part Data, And Lots Of Human Curiosity

By News Room
Banking

The Evolution Of Bank-Fintech Partnerships

By News Room
Banking

Binance Dies, And Crypto Is Birthed

By News Room
Banking

Vote For The World’s Best Banks 2024

By News Room
Banking

Why Javier Milei’s Victory In Argentina’s Presidential Election Is Great News

By News Room
Facebook Twitter Pinterest Youtube Instagram
Company
  • Privacy Policy
  • Terms & Conditions
  • Press Release
  • Contact
  • Advertisement
More Info
  • Newsletter
  • Market Data
  • Credit Cards
  • Videos

Sign Up For Free

Subscribe to our newsletter and don't miss out on our programs, webinars and trainings.

I have read and agree to the terms & conditions
Join Community

2023 © Indepta.com. All Rights Reserved.

YOUR EMAIL HAS BEEN CONFIRMED.
THANK YOU!

Welcome Back!

Sign in to your account

Lost your password?