B: Goldman Sachs to merge businesses into three units in major reshuffle

17/10/2022

Barron’s reports:

Goldman Sachs is planning to merge its businesses into three divisions in one of the biggest reorganizations in the company’s history, The Wall Street Journal reported.

Wall Street giant Goldman Sachs (ticker: GS) will combine its investment banking and trading businesses into one unit, and merge asset and wealth management into another, according to the report, which cited people familiar with the matter.

The third division will house the bank’s portfolio of financial-technology platforms, including its ventures with Apple and General Motors, as well as its Buy Now Pay Later platform GreenSky, the report added.

Goldman’s consumer bank, Marcus, will be part of the asset and wealth management unit, the people said.

Goldman is due to report its third quarter earnings before the stock market opens on Tuesday. The stock has fallen 21.6% so far this year as of Friday’s close. The Dow Jones Industrial Average, of which Goldman is a component, has fallen 18.5% in 2022.

Goldman Sachs didn’t immediately to a request for comment from Barron’s.

Write to Callum Keown at [email protected]