Goldman Plans Combining Investment Banking and Trading Units In Major Organizational Overhaul

Goldman Sachs Group Inc GS is planning a significant reorganization to combine its biggest businesses into three divisions.
Goldman will combine its investment banking and trading businesses into one unit while merging asset and wealth management into another, the Wall Street Journal reported citing people familiar with the matter.
Goldman's consumer-banking arm, Marcus, will be part of the asset- and wealth-management unit.
Marcus is under Federal Reserve scrutiny and goes beyond the central bank's regular oversight of the firm. The management has faced questions and follow-ups from the central bank's officials for several weeks.
The reorganization could be announced within days.
The journal said it is unclear how the makeover will shake up Goldman's senior leadership team, though 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, WSJ said.
Goldman, which releases third-quarter earnings on Tuesday, declined to comment.
Goldman Sachs announced job cuts as a part of the bank's annual performance reviews suspended during the pandemic, equivalent to 1% of the staff (~500 jobs).
Price Action: GS shares traded 0.56% lower at $299.50 premarket on the last check Monday.