The push is part of a broader plan by CEO David Solomon to boost revenue across the company to make up for a multi-year decline in trading results.
Goldman Sachs is planning to open up an internal go-anywhere investing group to outsiders, according to the Wall Street Journal.
div > div.group > p:first-child"> The firm's special situations group, often referred to by its SSG acronym, plans to raise outside money, the newspaper reported Tuesday, citing people with knowledge of the situation. New York-based Goldman is considering combining the group with the firm's merchant bank, which makes private equity investments, the Journal said.
SSG invests the bank's money in a diverse set of asset classes, from stakes in mid-sized companies to credit and real estate around the world. The unit, run by Julian Salisbury since 2013, has about $30 billion in assets, according to the Journal. It's part of a broader plan by CEO David Solomon to boost revenue across the company to make up for a multi-year decline in trading results. The bank is making a push to find new clients in investment banking, start new businesses like corporate cash management and gain share in retail banking activities like personal loans.
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