It also plans to spend $4 billion technology this year per John Waldron, the bank’s president, who made the remarks at a Bernstein conference in New York, the Financial Times reported.
Companies with a worth of under $2 billion are one of the major focus areas for the company. Currently, the company is said to have over 3,000 clients of that size, which bring in annual revenue of approximately $2 billion. Waldron said per the report, “We now have a proven track record of serving midsized clients.”
The bank also aims to grow its consumer and wealth management businesses and raise additional client money for its lending and investing division. Waldron, however, aimed to reduce expectations that the company’s trading business would be cut back significantly under the strategic plan. Waldron said, according to the outlet, “We see value in maintaining and increasing our core footprint, we expect to continue expanding our market share in both FICC [fixed income trading] and equities.”
At the event, he reportedly delved into Goldman’s plans to expand its corporate services such as cash management as well as diversify its customer base. Part of that effort means expanding in the middle-market community.
Solomon said per a Reuters report in February, “There are lots and lots of companies with value at $500 million to $3 billion.” Solomon continued, “There’s real … expansion opportunity for the firm … to open the aperture of corporations that we bring Goldman Sachs to.” His remarks came after Goldman’s previous announcement that it is developing a digital platform for companies to manage payments and cash receipts across borders.
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