Goldman Sachs renames business units ahead of quarterly results

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 59 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 27%
  • Publisher: 66%

Nigeria News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

Goldman Sachs Group Inc said on Tuesday it renamed its main business units ahead of its quarterly results next week, as part of the Wall Street ...

REUTERS: Goldman Sachs Group Inc said on Tuesday it renamed its main business units ahead of its quarterly results next week, as part of the Wall Street bank's efforts to provide greater transparency for investors into its financial performance.

The bank said it would report its future earnings, starting with the latest December quarter, under the newly named business units - investment banking, global markets, asset management and consumer & wealth management.Goldman renamed its institutional client services business as global markets, while investment management has been renamed as asset management, the bank said in a regulatory filing.

The bank also added a new consumer and wealth management segment that includes management and other fees related to managing assets, providing investing and wealth advisory services. The latest changes are part of a broader strategic overhaul under Chief Executive Officer David Solomon, who is attempting to build a bigger consumer business to shield revenue from wild swings in financial markets.

Earlier in November, Reuters had reported that the bank may move away from its earlier goal of finding US$5 billion in fresh annual revenue by 2020 to focus on new targets including a broad efficiency ratio and profitability measures.Goldman is expected to unveil the new targets and metrics in January at its first-ever investor day.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 6. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Europe: Stocks drop further at openRead more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Hong Kong: Stocks suffer more losses on US-Iran fearsRead more at The Business Times.
Source: BusinessTimes - 🏆 15. / 51 Read more »

Singapore bond market to stay 'firm' this year, credit spreads may tighten: OCBCSingapore bond market to stay 'firm' this year, credit spreads may tighten: OCBC
Source: BusinessTimes - 🏆 15. / 51 Read more »