Goldman Sachs Sells Personal Financial Management Division
Goldman Sachs has announced the sale of its personal financial management (PFM) division as part of its retreat from consumer banking. The division, which was purchased by Goldman for $750m in 2019, is being sold to investment and retirement adviser Creative Planning.
The sale of the PFM division is in line with Goldman’s strategy to focus on serving ultra-high net worth clients and high net worth investors. The company plans to prioritize the execution of its premier ultra-high net worth wealth management and workplace growth strategy.
The transaction is expected to result in a gain for Goldman, although the sale price has not been disclosed. The deal is set to close in the fourth quarter of this year.
In addition to the sale of its PFM division, Goldman has also sold $2bn of personal loans from its consumer unit Marcus. Half of the loans were purchased by alternative investment firm Varde Partners.
