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Good morning from the Financial Times. Today is Wednesday, March 1st, and this is your FT News Briefing.

Goldman Sachs is going all in on asset management. Nigeria's opposition parties are calling for a

redo of the presidential election, and a London House is expected to sell for a record amount.

One of its current owners is a member of the Saudi royal family.

I'm Mark Filipino, and here's the news you need to start your day.

Goldman Sachs held its annual investor day in New York yesterday, and a lot happened.

CEO David Solomon admitted that the bank made a mistake going into consumer banking,

and he said that he's exploring strategic alternatives for parts of Goldman's consumer platform

division. Goldman's stock price ended the day down close to 4%. The FT's US banking editor,

Josh Franklin, was at investor day, and he joins me now. Hey, Josh. Hey, Mark.

So, Josh, let's start with the consumer banking division at Goldman. Why has this become

such a problem? So, let's rewind back to when Goldman first launched its consumer banking

effort, which was way back in 2016. Before, David Solomon was even CEO of Goldman Sachs,

and they went into consumer banking by launching this retail digital bank called Marcus,

which is named after one of Goldman's founders. And this was meant to be this business that was

going to take advantage of Goldman Sachs becoming a kind of formal bank after the financial crisis,

and it allowed them to start gathering cheap deposits, which they could use to help fund

themselves. Now, here we are, you know, seven years later, and the consumer business has morphed

into all sorts of different things at Goldman Sachs. You've still got Marcus there, which is a

business that they do want to keep. But now you have credit card partnerships with Apple. Now,

...