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1. Goldman faces the music.
All eyes were on Goldman Sachs yesterday as the bank held its second-ever investor day. The event is meant to be a chance for top executives to map out future plans for the bank and ease concerns from analysts and its biggest shareholders.
The biggest news of the day was Solomon, along with other key executives, acknowledging the bank was exploring "strategic alternatives" for its consumer business. For those not well-versed in Wall Street jargon, that typically means some type of sale or spinoff of a business.
That might have provided welcome clarity about the future of a business that has cost Goldman more than $3 billion since 2020. Details, however, were scant as Solomon refused to elaborate on what exactly those "strategic alternatives" were, getting visibly frustrated when asked for more info multiple times.
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I'm not sure what Solomon expected. The consumer business is a lightning rod for the bank, so any mention of it was bound to grab people's attention. Hinting at "strategic alternatives" was something people would want to hear more about. To have no plan for follow-up questions, or to think analysts would be satisfied by non-answers, seems like a miscalculation.
But at the end of the day, what I think doesn't matter. It's the shareholders who Solomon is focused on. And it seems they too, were a bit disappointed.
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