FAST FIVE: Goldman Exodus Accelerates: Head Of Asset-Management Suddenly Quits, Going To Tiger Global
Goldman Exodus Accelerates: Head Of Asset-Management Suddenly Quits, Going To Tiger Global What is going on at Goldman.
Whereas previously bankers would give at least one kidney to work at what until recently was the most admired investment bank on Wall Street, lately the flow of talent has completely reversed and one day after Bloomberg reported that none other than boring, old Walmart had poached Goldman's two top bankers in charge of its consumer banking division to join the retailer's fintech startup, Eric Lane, the co-head of Goldman's $8 billion asset-management business, is making a sudden exit from the firm.
Even more striking: Lane is leaving the bank less than six months after taking over the firm's newly expanded asset-management business along with Julian Salisbury, according to an internal memo seen by Bloomberg.
Just like Marcus – which has been hammered with departures in recent months (in the clearest sign yet that higher rates are just a mirage) – the asset-management division is a critical focus of CEO DJ D-Sol, who hopes to rake in more client assets to generate a steady stream of fee income for the bank.
That, along with the consumer business, are two new strategic projects that the bank has hoped will grow fast enough for it to reduce its reliance on its traditional strengths in investment banking and trading.