Goldman Sachs Group has outlined plans to expand its commercial banking and wealth management business to accelerate expansion in the US.
The new plans are said to have been drawn by newly appointed chief strategy officer Stephen Scherr following the management reorganization.
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Scherr is working along with chief executive Lloyd Blankfein to bulk up the company’s commercial banking work staff, reported The Financial Times.
Although Goldman is not intending at expanding its retail presence to strengthen its lending business, the company is planning to target wealthiest individuals for expansion across private wealth management division.
Scherr, who was appointed as CSO on 2 June 2014, was charged with formulating and launching sideline business to help Goldman improve its return on equity.
His responsibilities include a role to help co-ordinate the banking group’s lending business as it leverage existing bank platform to provide credit to both corporate and individual clients.
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By GlobalData
