Goldman Sachs has agreed to sell its personal financial management unit to Creative Planning, a competitor. The transaction is expected to close in the fourth quarter of this year and will result in a gain for Goldman Sachs. The sale is part of CEO David Solomon's plan to unload or shutter businesses tied to the bank's retail banking plan. The PFM business was deemed too small in the context of Goldman's larger aspirations in wealth and asset management. Selling the PFM business will help boost profit margins in Goldman's asset and wealth management division.

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