Is Goldman Wooing Retail Customers, Again?

Core Insights - Goldman Sachs is exploring a more retail-focused approach by launching marketing campaigns for its asset management business, which is a significant shift for the firm [2][3] - The firm aims to enhance its reputation as an asset manager and tap into the growing retail market, which is expanding faster than the institutional space [2][3] - Despite having over $3 trillion in assets under management, Goldman Sachs has faced challenges in the retail banking sector, particularly with its Marcus offerings [4] Marketing Strategy - Goldman Sachs has taken out full-page ads in the Financial Times and aired spots on CNBC to promote its mutual funds and ETFs [2] - The firm is focusing on how to effectively approach the retail market, which has been elusive for years [2] Retail Market Dynamics - The retail market is growing faster than the institutional market, prompting Goldman Sachs to invest time in understanding this segment [2] - Other major firms like UBS and JPMorgan have retreated from mass affluent efforts, indicating the challenges in this space [4] Historical Context - Goldman Sachs has had a troubled history with its consumer-focused Marcus offerings, which faced strategic missteps and high costs [4] - The company began divesting parts of the Marcus business in 2022 and is ending its partnership with Apple on the Apple Card and Apple Savings account [6]