Goldman Sachs is reportedly planning a major global overhaul by restructuring its biggest businesses into three divisions.
Goldman Sachs will merge asset management and wealth management into a single unit, according to a «Wall Street Journal» report citing unnamed sources. The unit, which will be led by current global co-head of global markets Marc Nachmann, will also include the consumer banking arm Marcus.
The investment banking and trading business will also be merged into one unit with the remaining unit overseeing transaction banking and Goldman’s portfolio of fintech platforms.
The overhaul is expected to be announced «within days». A spokesperson for the bank declined to comment.
Rejigging Worldwide
The planned restructuring occurs in the midst of broader plans by Goldman to reduce reliance on trading and investment banking revenues while shifting focus towards fee-based businesses and consumer banking.
In September, the bank reportedly began embarking on job cuts that could impact hundreds of bankers worldwide. In the region, for example, 30 investment bankers left last month, as reported by finews.asia, across teams in equity capital markets, healthcare and TMT (technology, media and telecommunications), especially those involved in Greater China deals.
