Goldman Sachs plans to accelerate its wealth management efforts and target the world’s wealthiest people, according to a report in The New Y...

Goldman Sachs plans to accelerate its wealth management efforts and target the world’s wealthiest people, according to a report in The New York Times. The report said Goldman Sachs has been building up its private wealth management operations outside of the US. Quoting Douglas Grip, head of private wealth management international at Goldman Sachs, the report said the bank is looking to “dramatically” grow its private banking operations during the next five years. Mr Grip went on to say that Goldman plans to more than double its current number of managers on the PWM side outside of the US, particularly in Europe, Asia and the Middle East. The report said Goldman hopes to gain market share from competitors by offering access to its innovative financial products. It also hopes to pull in some clients from its corporate banking side.