Goldman Sachs Group’s plan to move part of its asset management unit to Florida is gaining momentum, as the Wall Street bank discreetly seeks volunteers for the first wave and prepares office space.
The Delaware company would remove a rival, gain scale in affluent Philadelphia suburbs and accelerate its transformation from a branch-heavy lender to a digital-first bank with the $976 million acquisition.
Efforts to simplify business operations under incoming CEO Jane Fraser will cost a lot of money but will ultimately create a safer, more profitable company, Chief Financial Officer Mark Mason said.
Bank of America cut some of its staff in the global banking and markets division this week. The latest cuts mark an end to BofA's pledge not to eliminate any jobs in 2020 as the global pandemic flared.
