Goldman Sachs has long been considered the king of Wall Street dealmaking. Now, the bank is increasing its focus on another target: managing money for wealthy clients and institutions. Investment banking services, like underwriting initial public offerings (IPO) and advising mergers and acquisitions (M & A), have long been Goldman’s bread and butter. In fact, the firm was ranked No. 1 in overall global M & A activity for the first seven months of 2025, capturing 32% of market share among its financial peers, according to LSEG data. Most recently, Goldman has had its hand in a number of high-profile initial public offerings, too, such as Nvidia chips-for-rent company CoreWeave , trading platform eToro , and fintech company Chime. But management sees a big opportunity in its much-smaller asset and wealth management (AWM) division. Speaking to CNBC, Marc Nachmann, Goldman’s global head of asset and wealth management, said the company has a plan to grow this business — which includes portfolio construction, risk management, financial planning and other investment services — and challenge its banking peers in a less-crowded corner of Wall Street. “There’s still an opportunity to take market share and be a winner in this game,” he said. Indeed, Goldman’s not alone in this pursuit. Morgan Stanley , for example, has been working for years to hit its goal of $10 trillion in total client assets across its wealth and investment management division, which was set under former CEO James Gorman in 2022 and continues under current CEO Ted Pick. The push for Goldman would also help to further diversify the firm’s revenue streams. Investment banking makes up more than two-thirds of overall sales, but these incomes can be volatile and cyclical. That was last seen in 2020 when the Covid-19 pandemic caused a huge disruption to Wall Street dealmaking, which the industry is still recovering from. In contrast, revenue from asset and wealth management services are often fee-based and less impacted by short-term market fluctuations. In a wide-ranging interview with Nachmann, we also talked about Goldman’s generative artificial intelligence ambitions, the regulatory backdrop under President Donald Trump , and Wall Street’s push into alternative assets, which the White House wants to allow into retirement accounts. This interview has been edited for clarity and length. A lot of Wall Street is focused on Goldman as a play on the rebound in investment banking, but I’m interested in looking into growth and expansion in areas outside of the GBM division, specifically your asset and wealth management businesses. How does AWM complement Goldman’s overall business mix? Nachmann: When you take it back to the big picture, one of the things that has helped tell our story better is that in the beginning of 2023 we had our investor day at the end of February. We reorganized the way we report and manage ourselves into these two big areas, right? So, you have GBM and AWM. GBM is…
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