From Breakingviews - Goldman doubles down on the wealthy, as it should
, that is worth nearly $100 billion. Combined, those two divisions are theoretically worth more than Goldman’s current market capitalization, without including the remaining much larger wealth-management business and what remains of the group that had tried to launch Marcus.
Then there’s the money-raising side. Last year, of the $72 billion Goldman raised for alternative, a third of that came from its wealth business. That unit, in turn, can help to boost the investment bank. A Goldman private wealth manager, for example, might get a call from a business owner who wants to cash out. They could pass that on to the dealmakers, who rake in some fees from selling the business, maybe even to a fund in Goldman’s alternative unit.
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