UPDATE 1-Goldman Sachs weighs sale of part of its wealth business

Goldman Sachs is weighing the sale of a part of its wealth business, it said on Monday, as it shifts its focus back to serving the ultra-rich and away from high-net-worth clients in mass markets. The Wall Street bank is evaluating alternatives for its registered investment adviser (RIA) unit, called Personal Financial Management (PFM), which manages about $29 billion, it said in a statement. The move comes as Goldman retreats from its consumer operations, which lost $3 billion in the last three years, and pushes ahead with a sale of its fintech business, GreenSky.