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☆ Goldman plans major overhaul, to combine investment banking and trading -WSJ
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +4 min

Oct 16 (Reuters) - Goldman Sachs (GS.N) is planning a major reorganization as part of which its storied investment banking and trading businesses will be combined, while consumer banking will be absorbed by its wealth unit, the Wall Street Journal reported on Sunday. The move comes as the Wall Street titan has sought to cut its reliance on volatile trading and investment banking revenues by boosting its fee-based businesses. It would mean CEO David Solomon's ambition to build a mass-market digital bank via consumer banking unit Marcus will take a backseat. Goldman will combine the investment banking and trading businesses into one unit, while merging asset and wealth management into another, the report said. But the consumer banking unit, launched in 2016, is still struggling to gain traction, and will be brought into asset and wealth management.

☆ Goldman to combine investment banking and trading as part of major overhaul - WSJ
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

Oct 16 (Reuters) - Goldman Sachs Group Inc (GS.N) 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. 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. The rejig came shortly after the bank's global job cuts in September that could have impacted hundreds of bankers.

☆ Who's up and who's down in the latest Goldman Sachs restructuring under CEO David Solomon
▼ + stars: | 2022-10-17 | by ( Dakin Campbell | ) www.businessinsider.com time to read: +9 min

And he will also oversee a wealth management business that is now going to include portions of the consumer business, but wrapped in a wealth management offering. Both, according to Bloomberg's reporting, are being demoted to senior positions within Nachmann's asset and wealth management division. Stephanie CohenAnother executive thought by insiders to have lost some of her territory is Stephanie Cohen, the co-head of the consumer and wealth management division. Had Cohen been able to successfully helm the consumer and wealth management division alongside Tucker York, the currently discussed changes wouldn't have been needed, the people said. Cohen's co-head, York, will now return to his prior role of running the bank's successful private wealth management business.

☆ Dozens of Goldman Sachs partners have departed the bank since David Solomon became CEO. See the running list here.
▼ + stars: | 2020-02-27 | by ( Carter Johnson | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

David Solomon has been Goldman Sachs' CEO for more than four years after succeeding Lloyd Blankfein. There's been a lot of talk about morale at Goldman Sachs. In reality, Solomon said, there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." "At the moment, year-to-date, our turnover is at a 5-year low, not just for partners, in the whole firm," Solomon added. Here is a running list of Goldman's partners that have retired from the firm — or moved on to roles at other companies — since Solomon became CEO.

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