Goldman Sachs Group Inc is expanding a financial advisory service for top execut...
NEW YORK - Goldman Sachs Group Inc is expanding a financial advisory service for top executives to target millions of other affluent employees at some of the biggest U.S. companies, as it seeks to build its retail and wealth management businesses.
Goldman began rolling out a new Ayco personal finance website for rank-and-file workers in October and has so far signed up 70 companies. By the end of 2019, the bank hopes to have signed up around 100 companies, which employ 2 million employees, Larry Restieri, the unit’s chief executive, said in an interview this month.
Goldman seeks to reach a wider customer base. Its trading business has been shrinking. In the first quarter, the bank’s corporate clients helped it grow mergers and acquisitions revenue but overall revenue slumped. The primary cost to the bank - developing the online platform - will be offset by fees companies will pay to offer the service to their workers, Goldman executives said.
Restieri said it is too early to put numbers on the contribution the expanded Ayco could make toward Goldman’s $5 billion goal.
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