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Goldman Sachs’ consumer banking venture, Marcus, failed due to CEO David Solomon’s high-profile DJ hobby and aggressive, ego-driven culture. While the firm’s core trading and investment banking operations have performed well, investors are not rewarding Solomon with a higher multiple on his earnings, while nemesis Morgan Stanley has opened up a wider lead in recent years. This adds to the stakes for Solomon’s second-ever investor day conference Tuesday, during which the CEO will provide details on his latest plan to build durable sources of revenue growth. Investors want an explanation of what went wrong at Marcus, which was touted at Goldman’s previous investor day in 2020. Solomon’s rationale was that all of Goldman’s businesses catering to individuals should be in the same division, even if most Marcus customers had only a few thousand dollars in loans or savings, while the average private wealth client had $50 million in investments. In the process, the Marcus leaders lost some of their ability to call their own shots on engineering

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