Goldman Sachs is in the midst of a radical transformation as CEO David Solomon makes his mark on the storied investment bank. The firm is moving away from high risk, unpredictable businesses like trading that were once lucrative but have slowed, and towards more stable areas like its Marcus consumer lending product and a credit card partnership with Apple. The stakes are high. Shares of Goldman are down 9% in the last year, compared to a 12% rise in the S&P. Business Insider reports regularly on the latest developments at Goldman, which is set to report earnings on Tuesday. Here are some of the key stories that we're following. Goldman meets Main Street Goldman Sachs is making a big bet on Marcus, as it pushes further in to Main Street businesses. Bank execs are now opening up about their plans for the business, and they think it can do to banking what iTunes did to the music industry. Earlier this year, Goldman paid $750 million in cash to buy wealth manager United Capital. It was its biggest deal in 20 years and a move away from just managing the wealth of the ultra-rich. Here's why Goldman did it. Goldman this summer launched a new credit card with Apple. The card was quickly lauded as a huge win for Apple, but the partnership may be a mixed bag for Goldman. One research firm breaks it down. Goldman's big tech bets Goldman is ditching its homegrown email app in favor of software offered by Blackberry and Microsoft. The bank's reversal is an example of how hard it can be for non-tech companies to develop big software projects and invest the time and money to keep it up to date. At some point in the not-too-distant future, investors may find themselves ponying up monthly subscription fees to Wall Street banks in much the same way they subscribe to Netflix or Spotify. A recent Goldman Sachs job ad gives one of the clearest visions yet for what the business model might look like. The transformation of Goldman's prized alts business Goldman Sachs execs are jockeying for control of the firm's lucrative private investing units after a plan to merge it — and the stakes couldn't be higher. Business Insider spoke to seven insiders to get the inside story. Rich Friedman built Goldman Sachs' merchant-banking unit into a sprawling collection of funds invested in real estate and infrastructure, private equity, and credit markets that often competes with flashier investment firms like Blackstone, Carlyle, and KKR. Friedman may be asked to take on a more public role as CEO Solomon looks to shine the light on Goldman's alternative-investing activities. |