Goldman Sachs Group Inc. Chief Operating Officer John Waldron said the bank’s partners are firmly behind its strategy, as it contends with losses in its consumer business that have dented investor confidence in the firm.
(Bloomberg) — Goldman Sachs Group Inc. Chief Operating Officer John Waldron said the bank’s partners are firmly behind its strategy, as it contends with losses in its consumer business that have dented investor confidence in the firm.
The New York-based bank recently brought together all of its partners in one place for the first time since the Covid-19 pandemic, Waldron said in an interview with Bloomberg Television.
“I would say it was an extremely productive and valuable meeting,” Waldron said. “Our partners walked out of that meeting very optimistic about the future of the firm, very optimistic about the investments we’re making.”
Waldron spoke at the conclusion of Goldman’s second investor day ever and the first since the start of the pandemic. The bank gave a detailed breakdown of how it has performed against previously established targets, trying to reassure investors spooked by a slumping stock price and a troubled retail-banking foray now dubbed Platform Solutions.
The partners had “questions about how long it will take to drive Platform Solutions to profitability. Certainly those questions come up,” Waldron said. But partners “are firmly behind the strategy, firmly behind the opportunity and very excited about what is in front of us at Goldman Sachs.”
–With assistance from Sonali Basak.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.