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Goldman CEO David Solomon’s latest remix breaks up the bank’s struggling consumer finance business

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Goldman Sachs CEO David Solomon is planning his third major corporate reorganization since assuming control of the bank in late 2018.

The reorganization plan calls for Goldman Sachs four main divisions to be combined into three, according to people with knowledge of the plan.

These people said trading and investment banking will form Goldman's largest and most important division from a revenue perspective. Its money-losing consumer finance operations will be split between two new divisions, with parts of the Marcus-branded unit folded into a combined wealth and asset management business and other parts going into a division that focuses on corporate clients, the people said.Goldman Sachs' Chairman and CEO David Solomon attends a session at the 50th World Economic Forum annual meeting in Davos, Switzerland, January 21, 2020.

Goldman's money-losing consumer finance operations will be split between two new divisions, with parts of the Marcus-branded unit folded into a combined wealth and asset management business and other parts going into a division that focuses on corporate clients, the people said. That division, called Platform Solutions, will house Goldman's nascent digital corporate cash management business, recently acquired

 

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Remix…get it? It’s funny because he’s a DJ

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