Goldman Sachs and Google are partnering on a digital wealth offering — and it’s a template for the bank’s ambitions to manage money for the masses (GS)
|10/19/2018||Posted by BusinessMediaguide.Com under General World News||
- Goldman Sachs is growing a little-known business called Ayco that works with corporate HR departments and will play a big role in its ambitious revenue plans.
- “Ayco is a big driver” of the more than $1 billion slated to come from individual clients of Goldman’s asset management business by 2020, said Eric Lane, a division co-head.
- The business just signed a huge contract with Google to provide financial counseling to the tech giant’s US-based employees.
- The time may come when Goldman opens Ayco to outside clients in something more akin to a robo-adviser or digital wealth offering for the mass market.