Quote from Ndubuisi Ekekwe on August 29, 2023, 9:42 PM

Goldman Sacks returns back to the ultra-rich: "It's official: Goldman Sachs is selling its Personal Financial Management unit. The investment bank is offloading the business to Creative Planning, a Kansas-based wealth management firm, days after confirming it was "evaluating alternatives" for its mass-affluent banking segment. The deal helps Goldman restore its focus on money management for the ultra-rich and represents another retreat from CEO David Solomon's one-time strategy of pitching its "offerings to Main Street," Bloomberg notes. The $29 billion business unit stemmed from Goldman's 2019 acquisition of investment adviser United Capital, which broadened Goldman's footprint with lower-net-worth clients."