Goldman Sachs set to hire developer to work on new robo-adviser

[NEW YORK] Goldman Sachs Group Inc plans to hire a software developer to help open an automated investing service for mass-market wealth clients.

The bank is advertising for a software developer to help create a platform that can be used to give customers "detailed information on their financial portfolio & analytics," according to a job posting on the New York-based firm's website.

The business would "cover mass affluent market by building an Automated Digital Advice Platform (Robo Advisor)," according to the listing. Reuters reported the new service earlier Monday. Andrew Williams, a bank spokesman, declined to comment.

Goldman Sachs runs a private wealth business that has focused on clients with US$50 million or more in assets. The bank has been doing more with mass-market consumers in recent years, opening an online bank and an Internet lender for consolidating credit-card debt. Last year, it purchased a retirement-plan operator for members of the so-called gig economy.

The robo-adviser would be housed in the firm's investment-management division, which supervised almost US$1.4 trillion in client assets at year-end.

BLOOMBERG