Goldman Sachs has admitted defeat in its ambitious plan to be the bank for everybody. Now it has to figure out how to be a bank for somebody.

Chief executive David Solomon told analysts and shareholders last week during an in-person investor day at its headquarters that the firm is scaling back on banking consumers and their checking accounts and credit cards. Instead, he said, growth will come from managing the wealth of institutions and the rich — a business that throws off steady fees when markets are up or down.