(New York)

Goldman Sachs says it has a new wealth management strategy, and it has to be one of the oldest and simplest ideas in the book. The bank is trying to aggressively grow its wealth business, and wants to increase revenue there by $1 bn in the next three years. Its big plan for doing so: get the money it makes for founders through its investment banking business to stay at the firm in its wealth management arm. One of the bank’s top wealth management managers says that there is no formal requirement for founders to do so, but “it’s obviously a very positive introduction”.

FINSUM: A very good strategy indeed, but then again, that is an incredibly narrow segment of clients!