Goldman Sachs shakes up business units ahead of quarterly results

REUTERS: Goldman Sachs Group Inc has overhauled its main business units ahead of its quarterly results next week, the Wall Street bank said on Tuesday, as it seeks to provide investors with greater transparency into its financial performance.

Goldman renamed its institutional client services business as global markets, while investment management will now be called asset management. The bank is also doing away with its investing and lending unit, it said in a regulatory filing. "The new reporting structure appears more centered around its different client segments and should help drive increased accountability in how it executes on its relatively new strategy," Barclays analyst Jason Goldberg said."The biggest changes appears to be the elimination of 'Investing & Lending', an area that investors viewed as a low multiple business. Those revenue sources were divided up across its new business units," he added.

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