Goldman Sachs Group Inc. may seek to manage more of the fortunes of Europe’s wealthy as the Wall Street brokerage looks to expand beyond the volatile returns of equity and bond trading.
The New York-based firm currently only has a “single-digit” share of the European wealth management industry, Chief Financial Officer Stephen Scherr said in an interview with Francine Lacqua.
An acquisition would help Goldman Sachs compete in an industry dominated by Swiss banks UBS Group AG and Credit Suisse Group AG.
“There’s an opportunity for us to grow our wealth management business more meaningfully in Europe,” Scherr said. “If there was an opportunity for us to look at an asset that could accelerate our entry into wealth management in Europe, we would look at it.”