Goldman Sachs is planning to reorganize its biggest businesses into three divisions as part of a major overhaul at the company.
The Wall Street firm will combine its investment-banking and trading businesses into one unit, and asset and wealth management will be merged into another, people familiar with the matter told the Wall Street Journal. Marcus, Goldman’s consumer-banking arm, will be part of the asset- and wealth-management unit.
A third unit will look over transaction banking and the bank’s portfolio of financial-technology platforms.
The move by Goldman will be one of the biggest reshuffles in the company’s history.
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Goldman’s restructuring plans are expected to be announced in the next few days. The firm will release its third-quarter earnings on Tuesday.
Changes to the company’s top brass are unknown, but at least a few executives will assume new positions. Marc Nachmann, currently the bank’s global co-head of the Global Markets Division, will help run the combined asset- and wealth-management division.
This comes after the firm’s global job cuts in September that may have impacted hundreds of bankers.
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Goldman reported a 48% decline in profit in the second quarter, beating expectations because of gains in fixed-income and commodities trading.
The Wall Street Journal contributed to this report.
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