Goldman Sachs to Realign Its Key Business Units

Goldman Sachs, a leading global investment banking, securities and investment management firm, plans to emerge its key business units into three divisions.

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The bank will combine its trading and investment banking operations into one, which will be run by Dan Dees and Jim Esposito, Global Co-Heads of Investment Banking at Goldman Sachs, and Ashok Varadhan, the Co-Head of its Global Markets Division.

Marcus, its consumer banking business, will be included in a combined asset and wealth management unit, which is expected to be managed by Marc Nachmann, the other Co-Head of the Global Markets Division of the bank.

In addition, Goldman Sachs's transaction banking business and its recently-acquired lending technology platform, GreenSky, could also be combined.

The business restructuring is said to be aimed at reducing the bank's dependence on volatile revenues from its trading and investment banking business.

Goldman Sachs has had a poor financial year. In July, the firm released its financial results for the second-quarter in 2022, showing a 23% YoY decline in its net income​. To cut costs, the Wall Street firm laid off hundreds of employees throughout September​.