FT'S LEX COLUMN
THE LEX COLUMN: Is Goldman hunting where the brass is greener?
Gilt-edged institution's latest shift towards the wider consumer market is digital wealth management
Brass has one property gold does not. The former has some magnetic qualities. The institution synonymous with the latter symbol of wealth, Goldman Sachs, sees the attractions of brass too.
After launching a Main Street bank, Marcus, three years ago, its latest shift towards the wider consumer market is digital wealth management. It plans to roll out a robo advisory for those with as little as $5,000 to invest. These folks may have less to invest, but there are many more of them. Yet that same pull towards a mass market risks tarnishing Goldman’s gilt-edged brand.