Goldman Sachs’s Investor Day Won’t Be ‘Big Reveal,’ CEO Solomon Says

(Bloomberg) -- Goldman Sachs Group Inc. Chief Executive Officer David Solomon said investors should expect more details on existing initiatives at the bank’s inaugural investor day in January, but not a wholesale new strategy.

“We’ve got very, very good businesses that we’re very proud of and we’d like to evolve those businesses a little bit,” Solomon said in a Bloomberg TV interview with Matt Miller in Berlin. “I wouldn’t expect any big reveal.”

The firm, which is celebrating its 150th anniversary, is making a flurry of changes as it prepares for the investor day, where Solomon has promised to lay out a vision for the firm’s future that could serve as a catalyst for its stock. Goldman shares have underperformed peers for much of the last year.

Solomon, 57, is tightening the bank’s partnership ranks and installed new leaders across divisions. Investors await the fallout from a global corruption scandal involving Malaysia’s investment fund 1MDB. The CEO has also struggled to revive the firm’s trading unit, and pleaded for patience with a fledgling consumer business started by his predecessor.

To contact the reporters on this story: Steven Arons in Frankfurt at sarons@bloomberg.net;Matthew Miller in New York at mtmiller@bloomberg.net

To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.net, Christian Baumgaertel

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