Goldman Sachs CEO warns `evolutionary’ change in tech transformation will take longer than many think
Source: www.businessinsider.com - Monday, April 29, 2019
Goldman Sachs' investments into technology projects may take longer to pan out than investors appreciate, the bank's CEO David Solomon said on Monday at the Milken Conference. Solomon spoke on a panel with other CEOs who discussed the disruptive effects of technology that are battering industries from banking to consumer packaged goods to global infrastructure. Goldman Sachs is plowing money into technology projects to propel the firm's next phase of growth. Whether it's Marcus, the firm's online lender for consumers, or Marquee, its institutional securities trading platform, the bank is spending lots of time and money. The hope among analysts and investors and many employees, frankly, is that those investments will help the firm overcome a years-long slump in trading that's continued to persist. Not so fast. That was the message to come from CEO David Solomon, who spoke in Beverly Hills on Monday at the Milken Institute conference. " We are adding some platforms that are more technology driven, especially as we broaden out to serve consumers more broadly," Solomon said. "But it's an evolutionary change and these changes generally take longer than people think." Read more : Goldman Sachs is moving away from a tool championed by its former CFO as it pushes its traders to see clients where they once saw quick wins Solomon spoke on a panel with other CEOs, who discussed the disruptive effects of technology that are battering i
Source: Breaking News
Goldman Sachs' investments into technology projects may take longer to pan out than investors appreciate, the bank's CEO David Solomon said on Monday at the Milken Conference. Solomon spoke on a panel with other CEOs who discussed the disruptive effects of technology that are battering industries from banking to consumer packaged goods to global infrastructure. Goldman Sachs is plowing money into technology projects to propel the firm's next phase of growth. Whether it's Marcus, the firm's online lender for consumers, or Marquee, its institutional securities trading platform, the bank is spending lots of time and money. The hope among analysts and investors and many employees, frankly, is that those investments will help the firm overcome a years-long slump in trading that's continued to persist. Not so fast. That was the message to come from CEO David Solomon, who spoke in Beverly Hills on Monday at the Milken Institute conference. " We are adding some platforms that are more technology driven, especially as we broaden out to serve consumers more broadly," Solomon said. "But it's an evolutionary change and these changes generally take longer than people think." Read more : Goldman Sachs is moving away from a tool championed by its former CFO as it pushes its traders to see clients where they once saw quick wins Solomon spoke on a panel with other CEOs, who discussed the disruptive effects of technology that are battering i
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Source: Breaking News
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