Goldman to combine investment banking and trading as part of major overhaul – WSJ
2022.10.17 00:13
© Reuters. FILE PHOTO: The Goldman Sachs company logo is seen in the company’s space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid/File Photo
(Reuters) -Goldman Sachs Group Inc plans to restructure its biggest businesses into three divisions, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
Undertaking one of biggest reshuffles in the Wall Street firm’s history, Goldman will combine its investment banking and trading businesses into one unit, while merging asset and wealth management into another, the report said.
Marcus, Goldman’s consumer-banking arm, will be a part of the asset and wealth management unit, the report added.
A third division will look over transaction banking and the bank’s portfolio of financial-technology platforms, according to WSJ.
The restructuring plans are expected to be announced within days, the people said. Goldman releases third-quarter earnings on Tuesday.
However, changes to the bank’s top leadership remains unknown, according to the report, although at least a few executives will have new roles. Marc Nachmann, the bank’s global co-head of the Global Markets Division, will move to help run the combined asset- and wealth-management arm.
A Goldman spokesman in Asia declined to comment.
The rejig came shortly after the bank’s global job cuts in September that could have impacted hundreds of bankers.
It reported a 48% slump in second-quarter profit, which beat forecasts due to gains in fixed-income and commodities trading.
