Cost overruns and failure to meet profitability targets in the consumer lending business had created dissatisfaction within the bank.
(Photo: Reuters)
new York According to the Wall Street Journal (WSJ), Goldman Sachs Group plans to combine its key investment banking and trading operations into one division as part of a major restructuring.
Asset and wealth management are to be combined in another unit. Goldman’s retail banking business will be part of the combined entity, the Wall Street Journal reports, citing those in the know.
A third department is said to include transaction banking, the bank’s portfolio of financial technology platforms, the specialist lender Green Sky and the partnerships with Apple and General Motors. The restructuring could be announced within days, according to the WSJ. A spokeswoman for Goldman Sachs in Hong Kong declined to comment.
The move would be the third major reorganization of Goldman’s businesses by CEO David Solomon in four years. Cost overruns and failure to meet profitability targets in the consumer lending business have fueled dissatisfaction within the bank and fueled discussions about a broader restructuring, Bloomberg previously reported.
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