To listen to Goldman Sachs Group Inc Chief Executive David Solomon, the bank is doing 'great,' while skeptical investors wonder what comes next.
Solomon offered few specifics on future strategy, but those details may come at the company's investor meeting on Feb. 28 in New York.
And for UBS analyst Brennan Hawken, who rates Goldman at neutral, the idea of buying the stock on expectations of a higher price-to-earnings ratio "is really, really hard right now." Goldman's moves into consumer lending and transaction banking were "head scratchers," said Kush Goel, senior research analyst at asset manager Neuberger Berman, which owns the bank's stock. Instead, it should have followed rival Morgan Stanley, which earns a steady stream of income from wealth-management fees, he said.
Solomon, who rose to the top job from investment banking, said that division is "doing great," despite fees falling 48% last year as deals dried up. "There's no capital markets opportunity -- that's not permanent," Solomon said.for Marcus by placing it under the newly-merged asset and wealth division. It also swept parts of the business into a new unit called platform solutions, which houses transaction banking, credit cards and financial technology.
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