"'Poor Performance' Goldman Sachs Undergoes Largest Organizational Restructuring Since Inception"

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] Goldman Sachs, a leading investment bank on Wall Street, is reportedly set to undertake a major organizational restructuring soon, splitting into three business divisions. This is expected to be the largest reorganization in Goldman Sachs' history, including the integration of its core investment banking (IB) and trading divisions.

According to the Wall Street Journal (WSJ) on the 16th (local time), the restructuring plan is expected to be announced within a few days.

Accordingly, IB and trading will be merged into a single division. Additionally, Marcus, Goldman Sachs' personal consumer finance unit, will be combined with the asset management and wealth management divisions. The third division will include the fintech platform, specialty lending institution GreenSky, and venture businesses conducted with Apple and General Motors.

The WSJ stated, "This will be one of the largest reorganizations in Goldman Sachs' history," adding, "This restructuring plan is an effort by CEO David Solomon to shift Goldman Sachs' focus toward businesses that generate steady profits even in volatile market environments." The newspaper also noted that this reorganization will make Goldman Sachs' organizational structure quite similar to that of its existing competitors.

Meanwhile, Goldman Sachs is scheduled to announce its third-quarter earnings for this year on the 18th.

This content was produced with the assistance of AI translation services.