, Columnist
Goldman Is Faltering on Its Revenue Balancing Act
A pullback on the online bank Marcus and a reorganization highlight the difficulty in creating a greater share of more reliable, steady income.
Goldman CEO David Solomon is still struggling to make headway on his vision.
Photographer: Bryan van der Beek/Bloomberg
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Marcus by Goldman Sachs won’t ever be a household name. The idea that one of Wall Street’s most elite names could build a popular brand for ordinary workers was perhaps always fanciful, but Chief Executive Officer David Solomon has finally come to that conclusion.
The bank admitted it would stop chasing masses of new customers for its online bank when it reported third-quarter results on Tuesday and confirmed a fairly cosmetic reorganization of its businesses.