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Goldman plans major overhaul, to combine investment banking and trading -WSJ

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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. | Reuters

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

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.Such an organizational overhaul of the bank would come shortly after its global job cuts in September that could have impacted hundreds of bankers.

Like its Wall Street rivals, the bank is expected to report a sharp drop in third-quarter net profit as investment banking revenue was badly hurt by a slump in dealmaking.Goldman is expected to deliver a net profit of $2.77 billion in the third quarter, according to analysts’ forecasts compiled by Refinitiv, down from $5.38 billion a year earlier.

The restructuring will see the merging of the consumer banking unit, a new initiative launched in 2016 but one which is still struggling to gain traction, with asset and wealth management.

 

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