Goldman’s Solomon sets out to prove bank’s revenue engine can roar again

Before Goldman Sachs Group Inc (N:GS) operating chief David Solomon takes the next step in his career, the 56-year-old banker will have to prove that a strategy he has championed to increase annual revenue by $5 billion can actually work.

Solomon, who is now effectively the chief executive officer-in-waiting after his rival in the succession race decided to leave the Wall Street bank, is trying to get dealmakers and traders to work together to produce more revenue. He is also pushing for growth in businesses like asset management and consumer lending, where Goldman does not have a long track record of success.

Since the strategy was unveiled in September, Wall Street has been rife with skepticism that Goldman, whose annual revenues have remained stuck below $40 billion since 2010, can make it happen. Analysts have repeatedly questioned management’s underlying assumptions for the $5 billion target in research reports and on public conference calls.

Source: Investigating 

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