In one of the greatest organizational changes in the history of the Wall Street company, Goldman Sachs Group Inc. is proposing to consolidate its largest businesses into three divisions.
According to people with knowledge of the situation, Goldman GS, -2.31% will merge its asset and wealth management businesses into one company while combining its trading and investment banking companies into another. Goldman’s consumer banking division will be a part of the asset- and wealth-management division.
Sources say that a third division will contain transaction banking, the bank’s array of financial technology platforms, GreenSky, a specialist lender, and its joint ventures with Apple Inc. and General Motors Co.
People claim that the rearrangement will be unveiled soon. Tuesday is when Goldman is expected to release its third-quarter earnings.
Although at least a few executives will have new duties, the people said, it is unclear how the makeover would shake up Goldman’s top leadership team. According to them, Marc Nachmann, the company’s co-head of trading, will move over to assist in leading the integrated asset and wealth management business.