Goldman Sachs Plans to Undo Another Solomon Deal Chasing Mass Market

Goldman Sachs Group Inc. is exploring a sale of an investment-advisory business it bought four years ago, undoing another signature deal under Chief Executive Officer David Solomon’s ill-fated push to manage money for a broader set of customers.

The bank is looking to sell the personal financial management business, which oversees about $29 billion in assets and grew out of United Capital, a California-based registered investment adviser Goldman purchased for $750 million in 2019. The acquisition was part of Solomon’s plan to broaden the firm’s revenue beyond a traditional focus on ultra-wealthy individuals.