NEW YORK (Reuters) -Goldman Sachs on Thursday upgraded its key medium-term profitability target and said it would hit its efficiency ratio goal in 2022 as it provided an update on strategy and goals.
Wall Street’s premier investment bank also set new goals for transaction banking deposits and wealth and asset management fees.
The bank said it expects to achieve a return on tangible equity (RoTE) of 15-17%, compared with 14% previously. It expects to achieve a return on equity of 14-16%, compared with 13% previously.
“We believe we have the right plan in place that will enable us to serve clients, drive returns, and unlock significant value for our shareholders,” Chief Executive David Solomon said in a presentation at the Credit Suisse Financial Services Forum in Florida.
Goldman also set a new target to achieve annual revenues of more than $4 billion from its consumer business by 2024.
(Reporting by Matt ScuffhamEditing by David Goodman and Nick Zieminski)
