Revenue grew the fastest in five years at Goldman Sachs in 2017–but the headline figures belied shifting sands under the goliath’s toes. Long-venerated as a trading powerhouse, Goldman Sachs has struggled to regain its foothold there since the financial crisis. The segment has failed to perform, even though the bank reiles on trading revenues more so than its peers. Now, Goldman is on a mission to adapt and diversify. In 2017, the behemoth announced plans to boost loans to wealthy clients and companies. And though Goldman is perhaps better known to the average as the great Vampire Squid that helped tip America into a financial crisis, the firm is now trying to break into consumers’ wallets with savings accounts, personal loans, and more recently, a co-branded Apple credit card. CEO Lloyd Blankfein also laid a path for what’s to come after his yet-to-be-announced departure. Despite Blankfein’s own trading roots, he named David Solomon, a wine-loving DJ with investment banking roots, as sole chief operating officer of the firm in a sign that an heir apparent had been chosen.
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Solomon was once on a leadership track at Bear Stearns.
He'll take over after Lloyd Blankfein’s 12-year-run as CEO.
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Some banks also emerged as losers after South Korea defeated the defending champion.