The Wall Street Journal: Goldman Sachs to combine investment-banking and trading businesses in sweeping reorganization

by | Oct 16, 2022 | Stock Market

Goldman Sachs Group Inc. plans to fold its biggest businesses into three divisions, undertaking one of biggest reshuffles in the Wall Street firm’s history. Goldman
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will combine its flagship investment-banking and trading businesses into one unit, while merging asset and wealth management into another, people familiar with the matter said. Marcus, Goldman’s consumer-banking arm, will be part of the asset- and wealth-management unit, the people said.

A third division will house transaction banking, the bank’s portfolio of financial-technology platforms, specialty lender GreenSky, and its ventures with Apple Inc. and General Motors Co., the people said. The reorganization could be announced within days, the people said. Goldman is scheduled to report third-quarter earnings Tuesday. It is unclear how the makeover will shake up Goldman’s senior leadership team, though at least a few executives will have new roles, the people said. Marc Nachmann, the firm’s co-head of trading, will slide over to help run the combined asset- and wealth-management arm, they said. An expanded version of this report appears on WSJ.com. Also popular on WSJ.com: Company documents show Meta’s flagship metaverse falling short. Want to get ahead? Pick the right company.

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