Goldman Sachs Group Inc. incoming CFO Stephen Scherr said the company would consider acquisitions to help grow certain business segments.

Scherr, the current CEO of Goldman Sachs Bank USA, said the consumer business is one area in which the company might make a deal. He noted that Goldman has pursued small deals in the consumer space and that they can have a significant impact.

"They are immaterial in the overall size of the organization, but quite material in the context of aggregating both engineering talent and [intellectual property] to develop that business more thoroughly," Scherr said during an Oct. 16 earnings conference call.

In April, Goldman Sachs closed its acquisition of Clarity Money Inc., an app that helps consumers manage their personal finances. Scherr added that Goldman Sachs has also made small investment management acquisitions to pick up teams or assets that extend the company into adjacent businesses.

"In those two areas, you should expect us to be nimble and potentially acquisitive," he said.