Goldman Sachs

Execution on the strategic pivot has been effective, with clearer focus and improved returns. Communication around targets and segment economics has improved, and the organization continues to invest in technology and financing capabilities.

That said, the consumer‑banking misstep dented credibility and the 2025 retention awards for top executives drew notable shareholder pushback, indicating governance optics risk.

We weigh positively the decisive exit from subscale initiatives and the emphasis on fee‑based compounding, but deduct for the compensation controversy and the earlier capital allocation to consumer.