Goldman Sachs Rethinks Retail

Natarajan discusses the pressure facing David Solomon, the chief executive officer of Goldman Sachs Group, Inc., from investors as the company faces a drop in profits and its share price. That's made consumer fintech a lower priority. Cost overruns and missed profitability goals have set off discontent inside the bank, led to concerned questions from regulators, and brought about the dismay of shareholders. Now Goldman is restructuring and reorienting those operations, say executives with knowledge of the plans, who asked not to be identified describing internal talks. A spokesperson for the bank declined to comment. Rather than catering to just about anyone, Goldman will sling some of its key consumer products through its wealth-management business. Checking accounts, once widely expected to get a big rollout to everyday consumers, will instead be steered toward well-to-do clients and employees at corporate partners.