Goldman Is Poised to Enter Japan Wealth Management Business

Goldman Sachs Group Inc. plans to enter the wealth management business in Japan, a person with knowledge of the matter said.

The U.S. bank will target high net worth individuals through its asset management unit, the person said, asking not to be identified because the plans are private. It has begun hiring private bankers and is seeking assets under management of 1 trillion yen ($9 billion) over the next five to 10 years, the person said.

Under Chief Executive Officer David Solomon, Goldman Sachs is increasing its focus on wealth management and consumer banking to reduce reliance on trading ...