Goldman plans major overhaul, to combine investment banking

Goldman Sachs 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 under CEO David Solomon has sought to cut reliance on volatile trading and investment banking revenues by boosting its fee-based businesses and by shifting focus to its consumer banking unit Marcus. 

The plans, which are expected to be announced within days, will see Goldman restructure its biggest businesses into three divisions, the WSJ reported, citing people familiar with the matter. 

Undertaking one of the biggest reshuffles in its history, Goldman will combine the investment banking and trading businesses into one unit, while merging asset and wealth management into another, the report said. 

Marcus will be a part of the asset and wealth management unit, the report added. 

A third division will look over transaction banking and the bank’s portfolio of financial-technology platforms, according to WSJ. 

However, changes to the bank’s top leadership remain unknown, according to the report, although at least a few executives will have new roles. 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, it said.