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☆ CEO David Solomon Is Restructuring Goldman Sachs Again
  + stars: | 2022-10-18 | by ( Michelle Abrego | ) www.businessinsider.com   time to read: +5 min
David Solomon is changing up Goldman Sachs divisions like he switches tracks. Goldman Sachs's third restructuring in four years comes as insiders have been questioning the direction that Solomon is taking the storied investment bank in. But first, read Dakin's rundown of who's up and who's down in the latest Goldman Sachs restructuring under CEO David Solomon. The Swiss bank's investment bank chief Christian Meissner is also set to leave the company in the coming weeks. Keep updated with the latest business news throughout your day by checking out The Refresh from Insider, a dynamic audio news brief.
☆ Goldman Sachs's CEO David Solomon concedes that some of his efforts to transform the powerhouse bank have not been paying off
  + stars: | 2022-10-18 | by ( Business Insider | ) www.businessinsider.com   time to read: +7 min
Goldman Sachs CEO David Solomon took major steps to restructure the Wall Street bank in 2020. This week he acknowledged that some of his bets, including consumer bank Marcus, are not paying off. Despite the move away from consumer banking, Solomon appears to want to continue to push into wealth management. In October, he said Goldman Sachs Asset Management has grown into the nation's fifth largest asset manager. "We also believe that reaching and serving employees in their workplace is a significant growth opportunity for Goldman Sachs," Solomon said on the third-quarter call.
☆ Goldman CEO David Solomon’s latest remix breaks up the bank’s struggling consumer finance business
  + stars: | 2022-10-17 | by ( Hugh Son | ) www.cnbc.com   time to read: +1 min
Goldman Sachs CEO David Solomon is planning his third major corporate reorganization since assuming control of the bank in late 2018, according to people with knowledge of the plan. That division, called Platform Solutions, will house Goldman's nascent digital corporate cash management business, recently acquired fintech GreenSky, and card partnerships with Apple and General Motors , according to the Wall Street Journal, which first reported the reorganization. Solomon has been under pressure this year as broad declines among financial stocks put shares of New York-based Goldman at the second-lowest valuation among big bank peers after perennial laggard Citigroup . That is according to Goldman's price to tangible book value ratio, a key metric followed by bank investors and analysts. That showing has led to rising questions about Solomon's decisions regarding his division heads, as well as internal criticism over Solomon's high-profile hobby as an international music DJ, CNBC and others have reported.
☆ 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.
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