Despite struggles with its consumer banking segment, Goldman Sachs (NYSE: GS) has continued to dominate its core businesses of investment banking and sales and trading. It's gained market share and hit return targets it laid out at its investor day in 2020. The stock is up close to 55% over the past three years.

But despite earnings growth and share-price appreciation, Goldman hasn't really seen its valuation change in terms of its earnings multiple or price-to-tangible-book-value ratio, while rival Morgan Stanley (NYSE: MS) has moved ahead of Goldman in terms of valuation.

At Goldman's recent investor day, Chief Financial Officer John Waldron told investors that the bank's asset and wealth management (AWM) business may "be the largest value unlock for the firm over the next several years." Here's how.

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Source Fool.com