Goldman Sachs Group Inc. GS at its first investor day since 2020 said it beat its return on equity targets it laid out three years ago and that it’s also mulling the potential sale of part of its consumer banking business. The investment bank said its three year average return on equity was 14.8%, compared to a target of greater than 13% laid out in 2020. CEO David Solomon reiterated comments that the bank “tried to do too much too quickly” in its consumer bank push, but said Goldman Sachs did manage to build a “very successful” deposit platform. Looking ahead, Solomon said the company’s asset management platform will be a “key driver for growth” moving forward as it grows management fees. Goldman also reiterated a “through-the-cycle” target of 14%-16% return on equity. Goldman Sachs stock rose 0.3% in premarket trades.
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