Morgan Stanley’s capital strength is attracting wealth management clients, and advisors, says CEO James Gorman.
Market appreciation and assets from Goldman’s 2019 purchase of United Capital boosted wealth revenue from a year ago, but it was off 9% from first quarter on Covid effects.
The coronavirus pandemic has caused Goldman to slow down plans to expand its wealth force and to introduce a new digital service for less wealthy investors.
After absorbing the mass affluent United Capital RIA firm in July, Goldman pushes ahead to custody assets of other RIAs through acquisition of tech-savvy Folio.
Goldman Sachs Group Inc. tricked women into waiving their right to sue the firm, the women said in asking a court to bar the firm from forcing them into arbitration in a closely watched gender bias case.
The firm’s Consumer and Wealth Management segment booked a 21% first-quarter revenue jump, due in part to fees collected from customers of the RIA it bought last summer.
Goldman Sachs Group Inc. is advising its wealthy clients to return to equities and particularly favors U.S. stocks on optimism for a strong economic recovery after the end of the virus lockdowns.
Goldman groups overseeing some $6 billion in Boston and L.A. and $4 billion in New York jump to competitors.
Rana Yared, a rising star who once was in charge of building out the crypto-trading operations at Goldman Sachs Group Inc., is leaving in the firm’s latest loss of senior tech talent.
Investment bank’s biggest hiring push will occur overseas to build its base of ultra-wealthy clients, while it focuses in the U.S. on training advisors and building market share with mass-affluent and sub-$10-million investors.