Goldman Sachs is reportedly considering the sale of its personal finance management business.

The bank bought investment advisory United Capital four years ago for $750 million.

According to reports, the sale is part of a shift away from mass market customers to concentrate on its ultra-rich clients.

In a statement seen by The Financial Times, the bank said that it was exploring alternatives for the business, which is responsible for around $29 billion in assets.

While Goldman Sachs has traditionally focussed on the super rich, United Capital widened the bank's client base to less wealthy customers.

The move comes after Goldman Sachs put its FinTech unit GreenSky up for sale following a $470 million loss at the bank on the partial sale of its consumer loan portfolio.

Goldman Sachs acquired GreenSky last March in a takeover deal valued at around $2 billion, with the bank’s chief executive David Solomon stating that it would become a “key component of its offering”.

According to Reuters, Solomon recently told analysts that while GreenSky is performing well – with first quarter originations in its core home improvement loans up over 25 per cent year-over-year – Goldman may not be the best long-term holder of the business due to its “current strategic priorities”.

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