Fox Business Network: Goldman Sachs Plans to Expand Their Asset Management Division

FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports Goldman Sachs is changing their business model and “they are going to be expanding the asset management division.” Sources inside the company tell Gasparino “they looked at buying Deutsche Bank asset management.” Gasparino also reports that Goldman Sachs CEO Lloyd Blankfein “has expressed he does not want to stay but that he's going to stay for the year.” Excerpts from the report are below, courtesy of Fox Business Network. On the changes taking place inside Goldman Sachs: “Sources tell the FOX Business Network Goldman Sachs internally is studying the business model of the firm and they are changing that business model. They are going to be expanding the asset management division. Sources tell FOX Business they actually looked at buying Deutsche Bank asset management. Traders, people that take risk in fixed income, are going to be deemphasized. They are looking to buy something that manages money. Lloyd Blankfein has expressed he does not want to stay but that he is going to stay for the year. It is going to be a different Goldman Sachs in 2012.”