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relates to Goldman Sachs CEO Ditches Dream of Consumer Domination (Repeat)

Illustration: Stephanie Davidson

The Big Take

Goldman Sachs CEO Ditches Dream of Consumer Domination (Repeat)

David Solomon once predicted the firm would be a leader in retail banking, like it is on Wall Street. The expansion proved expensive.

Updated on

(This story was originally published Oct. 9. On Monday, people familiar with the matter said David Solomon is embarking on his third major reorganization in four years as chief executive officer, including a break-up of the money-losing consumer unit.)

David Solomon, the chief executive officer of Goldman Sachs Group Inc., jumped on a flight to go meet Reese Witherspoon.

The Legally Blonde star-turned-mogul was toying with offering online financial services to her legions of fans, and the head of Wall Street’s most prestigious firm wanted in. He saw it as a potential new source of business for Marcus, his firm’s foray onto Main Street and handling money for the masses.