Goldman Sachs just tapped 2 people to lead a new consumer and wealth strategy team- see the full memo

Goldman Sachs just tapped 2 people to lead a new consumer and wealth strategy team- see the full memo
Goldman's Stephanie Cohen, co-head of the firm's consumer and wealth groupMichael Cohen/Getty Images

Hello readers,

Happy Saturday, and welcome to Insider Finance. Here's a rundown of the must-know stories from the past week:

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Goldman Sachs gave an update on its multi-year transformation plan. Here are the 6 big takeaways.

Goldman Sachs just tapped 2 people to lead a new consumer and wealth strategy team- see the full memo
Cindy Ord/Getty; Paul Morigi/Getty; Sean Zanni/Patrick McMullan via Getty; Jemal Countess/Getty; Shayanne Gal/Business Insider
Goldman Sachs on Tuesday gave an update on grand plans that it laid out at its first-ever investor day last year. We broke down what you need to know.

Other Goldman news this week:

  • Tucker York and Stephanie Cohen announced a new strategy team to help grow consumer and wealth - and the two leaders who will be hunting for acquisitions and partnerships
  • Goldman named six people to lead product development in its consumer and wealth management group - a sign of big innovations to come from the growing division

Carlyle's credit power players

Goldman Sachs just tapped 2 people to lead a new consumer and wealth strategy team- see the full memo
The Carlyle Group; Samantha Lee/Business Insider
Carlyle's credit team has been around since 1999, but over the past four years its investing professionals have assembled as a single global unit. The firm has shifted personnel internally and snapped up outside hires from shops like Apollo Global Management, BlackRock, and Bain Capital to facilitate an expansion that has enabled the firm to extend a wide variety of loans to companies.
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Insider spoke with 14 people on Carlyle's credit team to learn more

Merrill Lynch's pipeline for thousands of new advisors is 'in limbo' as the firm overhauls its training program

Goldman Sachs just tapped 2 people to lead a new consumer and wealth strategy team- see the full memo
Brian Moynihan, the chief executive of Bank of America.Joshua Roberts/Reuters

Bank of America's sprawling wealth management arm has maintained its months-long pause on financial advisor trainees' client outreach, a temporary hold that can complicate the business growth that new advisors need to thrive.

The temporary pause on prospecting has remained in part because novice advisors are still violating do-not-call list restrictions

Bloomberg just paid more than $100 million for an upstart alt-data player

Goldman Sachs just tapped 2 people to lead a new consumer and wealth strategy team- see the full memo
Getty Images
No longer the Wild West, the alternative-data industry is becoming increasingly institutional as big-name companies jump into the space. Bloomberg, for one, ended 2020 with a more than $100 million acquisition, buying alt-data company Second Measure.

Here's why that marks a huge turning point for a once-fringe business

Wall Street people moves:

  • Senior RBC junk-bond trader Todd Bondy has left to join MUFG, which is revamping its credit business
  • A former Blackstone exec has resurfaced at General Atlantic's credit-investing venture after an unprecedented non-compete spat

Other stories readers loved this week:

Goldman Sachs just tapped 2 people to lead a new consumer and wealth strategy team- see the full memo
David Wong/South China Morning Post via Getty Images
  • Morgan Stanley CEO James Gorman is now the highest-paid bank executive in America following a 22% raise amid a record year for the company
  • The white-hot wealth management market is set for a year of merger mania. Meet 7 firms that are on the hunt.
  • 7 top legal recruiters reveal the hottest practice areas and must-know hiring trends for 2021
  • Ex-Plaid employees say they're being flooded with 'sketchy' bids to buy their shares at $1,200 each from the hidden world of private buyers
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