logo
Goldman Sachs is looking for big acquisitions

Goldman Sachs is looking for big acquisitions

Yahoo3 days ago
The Scoop
Goldman Sachs CEO David Solomon is shopping for a needle-moving acquisition after surviving a cleanup of a disastrous push into consumer banking.
He held takeover talks with $25 billion Northern Trust earlier this year and nearly clinched a $6 billion deal for private-markets specialist Cliffwater, according to people familiar with the matter. The firm has also put out M&A feelers in the world of low-fee ETFs, where it has struggled to grow.
The talks with Cliffwater, a consultant-turned-money manager with $120 billion in assets, were advanced but fizzled over price, some of the people said. Discussions with Northern Trust could heat up now that the company is in play.
The appetite for deals of this size shows that Solomon, who endured withering criticism from inside and outside the firm earlier in his tenure, is feeling newly emboldened. A push into consumer banking ended in a costly retreat. He is now looking for places the firm can grow and has a valuable currency to spend: Goldman's stock is at all-time highs, up nearly 50% from a year ago.Step Back
When Solomon took over the firm in 2018, Wall Street expected deals to follow. Analysts and amateur Goldmanologists made much of the torch passing from Lloyd Blankfein and Gary Cohn, traders steeped in the world of momentary edge-seeking, to Solomon and his lieutenant, John Waldron, investment bankers who grew up advising companies on big strategic pivots. Instead the pair got bogged down unwinding Goldman's Main Street lark, which put big takeovers out of financial reach and dinged the firm's standing with regulators in Washington. An internal mutiny also limited Solomon's flexibility for big moves.
Both are now resolved, leaving Goldman with a simpler business and the leeway with investors and employees to think about takeovers. The Trump administration appears open to deals, too, especially after big banks were found last month to be holding more capital than they need.
Any deals are likely to be in Goldman's asset management arm, which oversees $3.3 trillion but doesn't carry the same cachet as firms such as Blackstone or KKR. It is still small in real estate investing and ETFs, a strategy it launched a decade ago, and is looking for inroads to retail investors who are clamoring for access to private loans, startup stakes, and other non-traded assets.
Solomon has long seen acquisitions as a way to close the gap: He pursued a takeover of Dimensional Fund Advisors, the $800 billion manager of mutual funds and ETFs, around 2022 but talks petered out, people familiar with the matter said at the time.
Know More
Northern Trust would bring Goldman $1.3 trillion in client money, boosting its total by 40%, and a mundane but giant asset-servicing business that serves as a ledger for much of Wall Street. Cliffwater has a gold mine in its flagship loan fund, which mimics a publicly traded mutual fund but invests in edgier private credit deals. (Talks with Goldman broke off earlier this year, the people said, and Cliffwater later sold a stake to TPG and Singapore's Temasek, making any deal now unlikely.)
Goldman declined to comment. Asked last week during a quarterly call with analysts about acquisitions, Solomon sounded wary but open. 'The bar is high,' he said.
Spokesmen for Northern Trust and Cliffwater declined to comment. A representative for Dimensional didn't respond to a request for comment.Liz's view
Goldman has hit a growth wall. It has two businesses — asset management and a Wall Street trading and dealmaking arm — that, if left alone, will grow with the global economy but no faster. That leaves acquisitions, and with a sky-high stock price and seemingly friendlier regulators in Washington, it's a logical time to go hunting. Transformative M&A can also cement CEOs' legacies, something likely on the mind of Solomon, who is seven years into the job and has Waldron waiting in the wings.
Solomon's challenge as he contemplates takeovers is that Goldman has a lousy track record. Despite a peerless reputation advising others on deals, the firm has done few itself, none particularly memorable or transformative. Its biggest swing, the $6.5 billion acquisition of NYSE floor specialist Spear, Leeds & Kellogg in 2000, was a dud. Its acquisitions in consumer banking were at worst blunders and at best decent deals struck in pursuit of a doomed strategy. Wealth manager Ayco, bought in 2003, was profitable but not game-changing.
Its one clear winner was its 1981 purchase of J. Aron, which brought a leading commodities-trading business and a cadre of future leaders including Blankfein and Gary Cohn. But even that was a culture clash — J. Aron's traders were famously forced to use a separate elevator bank — that took years to pay off.
The kind of needle-moving deal Solomon needs now is made harder by Goldman's insularity and its tendency to spit out outsiders like rejected organs. Solomon told analysts last week that 'these are 'people businesses,'' nodding to the cultural schisms that can trip up takeovers whose value depends on humans rather than, say, factories.
Solomon, a dealmaker by training, is itchy as the clock ticks down on his run. JPMorgan bought First Republic in 2023, Wells Fargo is finally out of the penalty box and able to grow, and Morgan Stanley — whose rivalry with Goldman is ancient and reflexive — has cemented itself as the best acquirer on Wall Street with a string of takeovers from Smith Barney to E*Trade. Envy is a powerful motivator, especially on Wall Street.
The holy grail for Goldman would be Fidelity, if Abigail Johnson, whose family controls the retirement and wealth-management giant, were keen to sell. In the meantime, it will buy where it can and guard against indigestion.Room for Disagreement
William Cohan a Goldman-Bank of New York combination back in 2023. (BNY is also competing to buy Northern Trust.)
Goldman Sachs' merger bankers brokered $1 trillion of deals last year, but it's been a quarter-century since the firm itself bought anything of size.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Onward! A Personal Tribute To Ed Feulner (1941-2025)
Onward! A Personal Tribute To Ed Feulner (1941-2025)

Forbes

timean hour ago

  • Forbes

Onward! A Personal Tribute To Ed Feulner (1941-2025)

Ed Feulner and three of his main intellectual inspirations: G.K. Chesterton, Russell Kirk, and F. A. ... More Hayek painting by Deborah Melvin Beisner. Photo of a copy of the painting in the author's possession Dr. Edwin J. Feulner Jr. was such a significant policy player for over 50 years that, although numerous leaders have already shared memories of how he influenced their lives, there is ample room for further tributes. I first heard of Ed, as he liked to be called, as an immigrant from Argentina in the late 70s. For me Ed was an immense inspiration and later an extremely generous mentor and advisor. I came to the United States in 1978 to study under Dr. Hans F. Sennholz at Grove City College. Sennholz had been a disciple of Ludwig von Mises and, though of course primarily a teacher, was very active as a speaker in conservative free-market circles. He introduced me to the work of Feulner at the Heritage Foundation. I finally met Feulner in September 1980, when I was invited to the Mont Pelerin Society (MPS) meeting held at the Hoover Institution. Feulner became a key member of the MPS, occupying several leadership positions. My acquaintance with Ed deepened starting in 1985 when I joined Antony Fisher, the founder of the Institute of Economic Affairs in London and later founder of the Atlas Economic Research Foundation. Fisher attempted to hire Feulner to lead the International Center for Economic Policy Studies (ICEPS, today the Manhattan Institute). In 1978, Fisher had been discussing the creation of a New York-based think tank with his friend William J. "Bill" Casey, then a New York lawyer. Just as Feulner was about to start his new job, the recently established Heritage Foundation made him a much better offer, and the rest is history. Although disappointed at not being able to hire him, Fisher remained friends with Feulner and invited him to speak at Atlas events. As in its early days Atlas was located in San Francisco, far from Heritage, at first, I mostly saw Feulner at the meetings of the Mont Pelerin Society. At one of those meetings, in Guatemala, I as a member of the program committee was able to invite Fr. Robert Sirico to speak. Sir John Templeton, who worked closely with Antony Fisher, attended the meeting as well. Following conversations during the meeting, Fr. Sirico decided to establish the Acton Institute for the Study of Religion and Liberty, and both Feulner and I were asked to be on Acton's founding board. At the end of our first Acton board retreat, I drove to the airport together with Ed. When I am with influential people, I ask the same questions: Whom do you always read? Who is doing great work, and should we support them more? And: What is the biggest problem we face today in our battle for freedom? I recall his answer to the latter vividly. It was in the mid 90's and Ed said: 'The young people who are joining the movement have a very shallow and superficial understanding of the principles of the free society. They join our think tanks, but they never went through the process of studying all the main works, the Founding Fathers, the great economists, Mises, Hayek, Friedman, conservative thinkers like Russell Kirk.' Feulner invested his time in organizations such as the Intercollegiate Studies Institute (ISI), where he served as a long-standing trustee and chairman. ISI aims to fill the void Feulner spoke of by creating fellowships and academic programs for talented young people. In addition to his role as a think tank leader, Ed Feulner also played a significant role in grant-giving foundations such as the Sarah Scaife Foundation, which supports dozens of policy think tanks. He also served as an inspiration for other foundations. A little-known fact is that Sir John Templeton, in starting his organization, included Feulner on its charter as one of the authors who should serve as a guide for its grants in the realm of free enterprise. The other authors who preceded him are Adam Smith, Ludwig von Mises, F.A. Hayek, Milton Friedman, William E. Simon, and Antony Fisher. Ideas never die, and Ed Feulner's views and legacy will continue to inspire many of us. In addition to his leadership at think tanks and philanthropic organizations, Dr. Feulner played a role in various political campaigns. He worked alongside Jack Kemp when he was vice presidential candidate with Bob Dole. He also joined the campaign for Trump's 2016 presidential run. In 2016, at a private meeting with freedom fighters from around the world, Ed told us: 'Trump put one condition, that if we disagree with a policy, like I did on tariffs, we keep our disagreement private.' Dr. Ed Feulner being recognized for his service to the Mont Pelerin Society during the Hong Kong ... More general meeting in 2014. Dr. Allan H. Meltzer (1928-2017), then president of the Society, at his side When in 2014 the Mont Pelerin Society asked me to help choose a gift for Ed Feulner, I had a unique opportunity to learn about what inspired him. Without revealing my intention, I asked him during a private meeting at his office which intellectuals had had the greatest impact on his life. He was quick to answer G.K. Chesterton, Russell Kirk, and F.A. Hayek. An artist who knew him well, Debby Beisner, captured his response in a beautiful painting. Books will be written about Ed Feulner and his legacy. For now, one of his favorite words suffices to remember his spirit: Onward!

Former Ameriprise Advisors Launch RIA, Laurel Oak Wealth Management, Backed by Goldman Sachs
Former Ameriprise Advisors Launch RIA, Laurel Oak Wealth Management, Backed by Goldman Sachs

Yahoo

time2 hours ago

  • Yahoo

Former Ameriprise Advisors Launch RIA, Laurel Oak Wealth Management, Backed by Goldman Sachs

MARLTON, N.J., July 24, 2025--(BUSINESS WIRE)--A team of five New Jersey-based financial advisors who previously managed more than $2.3 billion in client assets has launched Laurel Oak Wealth Management, a new independent registered investment advisory firm. The firm delivers personalized financial planning and investment management to clients across the U.S. Founded by industry veterans Christopher Heiser, Robert Andreacchio, Louis LaSelva, Matthew Fitzgerald, and Keith Radimer, Laurel Oak combines more than 135 years of collective wealth management experience. Previously with Ameriprise Financial, the team has found success serving multigenerational families, professionals, and business owners. They stand out for customized strategies in retirement planning, legacy preservation, and complex financial transitions. "Our goal in launching Laurel Oak was to create a firm where advice is personal, communication is clear, and clients always come first," said Christopher Heiser, a founding partner. "As an independent RIA, we now have the flexibility to tailor strategies without the limitations of a corporate agenda." Going independent also meant adopting a modern tech stack, helping to streamline onboarding, reporting, and communication. This means less paperwork, faster response times, and greater transparency at every step. To support that mission, Laurel Oak chose Goldman Sachs as their custodial partner, entrusting them to securely hold client assets and execute transactions under the firm's direction. With Goldman Sachs' digital-forward platform, the team gains access to institutional-grade tools that elevate both client security and service delivery. The dedicated transition support staff helped ensure a smooth move, resolving any complications quickly and efficiently. "We are pleased to be the custodial platform of choice for Laurel Oak Wealth Management," said Bill Dalton, Head of RIA Custody Sales at Goldman Sachs. "Our digital-forward platform will enable their advisors to access Goldman Sachs' institutional-grade products and services. Our team looks forward to working with Laurel Oak Wealth Management and supporting them as they grow." "Our growth has always been rooted in one principle: showing up for people when it matters most," added Louis LaSelva. "Laurel Oak represents that mindset at scale." Laurel Oak Wealth Management's main office is located at 5 Greentree Center, 525 Route 73 N, Suite 200, Marlton, NJ. For more information, visit View source version on Contacts Media Contact Jennifer RelovskyMarketing Specialist, Business Development 856-449-8263 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤

AI-related job postings are on the rise. Here's a look at what they are and where to find them.
AI-related job postings are on the rise. Here's a look at what they are and where to find them.

CBS News

time2 hours ago

  • CBS News

AI-related job postings are on the rise. Here's a look at what they are and where to find them.

AI receives a lot of attention for eliminating human jobs, but more and more, its also creating them. The number of job postings that mention artificial intelligence has climbed in recent years, a recent report from the Brookings Institution shows, as employers seek out AI-capable workers to assist them in AI adoption and development. In the last year alone, AI-themed job postings increased by over 100%, the Washington, D.C.-based think tank found. For its report, Brookings analyzed data from Lightcast, a labor market analytics company. AI-related job postings have grown at an average annual rate of nearly 29% over the last 15 years — outstripping the 11% rate of postings in the general economy, the report showed. Demand for AI expertise is growing as more companies are starting to integrate AI into their workflows. The share of companies using AI in the manufacturing of goods or services has more than doubled from 4% in early 2023 to roughly 9% by mid-2025, according to the report, citing data from the U.S. Census Bureau's Business Trends and Outlook Survey (BTOS). Still, while AI job growth has accelerated in recent years, it makes up only a small fraction of the labor market overall. Goldman Sachs estimates the peak pace of adoption will hit in the early 2030s, according to its AI Adoption Tracker. "AI is definitely visible in the micro labor market data, but it doesn't look like it's driving the overall labor market dynamic," said Joseph Briggs, a senior global economist at Goldman Sachs. The burgeoning AI job market involves a mix of skill sets ranging from advanced AI-specific roles, such as AI engineers, to more general AI-related positions such as software developers, according to Elena Magrini, the global head of research at Lightcast. In 2025, more than 80,000 job postings mentioned generative AI skills, according to the Brookings report, up from 3,780 in 2010. Cory Stahle, an economist at the Indeed Hiring Lab, said in an email to CBS MoneyWatch that the use of AI by more businesses is spurring demand for consulting jobs, which are intended to help businesses integrate AI into their workflow. Job postings relating to so-called responsible AI jobs, which focus on the ethical use of AI tools in business and society, are also on the rise, according to Indeed. "In other words, the definition of what it means to be an 'AI job' is changing every day as businesses find new and creative ways to incorporate the technology responsibly," Stahle said. AI positions may prove an especially appealing sector of the U.S. labor market given that they tend to be associated with higher salaries. Job postings that mention AI skills pay on average 28%, or $18,000, more per year than job postings for similar roles that don't require AI skills, according to a separate report from Lightcast. Unsurprisingly, AI job growth tends to be concentrated in the tech hubs like Silicon Valley. The renown San Francisco area accounts for 13% of all AI-related job postings, while Seattle accounts for 7% according to data from Lightcast. That being said, AI jobs are starting to diffuse into other parts of the country including the Sunbelt, a wide swath of land that stretches from the Southeast and Southwest, and along the east coast between Boston and Washington, D.C. said Mark Muro, a senior fellow at Brookings Metro. Universities have also been a catalyst for AI job growth, Muro added, given their role in developing talent bases and training students in computer science. Magrini noted that AI skills are increasingly required in other non-tech fields like marketing, human resources and finance. Over half of job postings requesting AI skills in 2024 were outside IT and computer science, according to Lightcast data. As for the people landing these jobs, they tend work for tech giants like Amazon, Meta, Apple and Google as well as AI companies such as OpenAI, according to Magrini. While uptake is uneven across geographic areas, Muro said he expects AI adoption by firms to increase more rapidly in the coming years, as the practical use of the technology becomes more obvious to businesses. "There does seem to be good consensus that this is very important for productivity and that it does really energize regional leaders and business people," he said.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store