Goldman Sachs is getting back to its core strength so buy the stock, says top analyst

The bank on Monday reached a deal to sell its personal financial management division to advisory firm Creative Planning.

Goldman Sachs is hitting the reset button and giving investors an opportunity to buy into the blue chip bank stock, according to Wells Fargo. Goldman's embattled CEO David Solomon is rolling back consumer-focused efforts that led to heavy spending and underwhelming stock performance. The latest move came Monday, when Goldman reached a deal to sell its personal financial management division to advisory firm Creative Planning.

"To us, the expansion in consumer did not make strategic or financial sense, costing the firm at least $3B over the past 3 years. Yet, the moves that we did not like are now getting reversed." Goldman is not completely exiting the world of wealth management but is scaling back in a way that is a better fit with its traditional business, Wells Fargo said.

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