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Goldman Sachs is creating a new business unit and elevating two executives to its board in an effort to fend off growing competition from private equity funds.
While other big banks like Citigroup and Wells Fargo have teamed up with private equity funds, this move shows that Goldman plans to compete independently against funds that are increasingly winning the business of financing large corporate transactions and other areas of lending.
Goldman said the new unit, to be called the capital solutions group and announced in an internal memo Monday morning, will help it better serve clients as well as develop its own private lending and private equity businesses.
Goldman said it is also expanding its asset management unit to include a greater emphasis on private credit.
This is a developing story
