The Goldman Sachs Group, Inc. (GS) reportedly is on the verge of announcing a major reorganization, which will put its biggest businesses into three divisions. One division will house Goldman's 澳洲幸运5官方开奖结果体彩网:investment banking and trading operations. The second will include its 澳洲幸运5官方开奖结果体彩网:wealth management and 澳洲幸运5官方开奖结果体彩网:asset management businesses, as well as its Marcus online consumer banking unit. The third division will include transaction banking, Goldman's 澳洲幸运5官方开奖结果体彩网:financial technology (fintech) platforms, specialty lender GreenSky, plus Goldman's ventures with 澳洲幸运5官方开奖结果体彩网:Apple Inc. (AAPL) and General Motors Company (GM).

The formal announcement is expected to come within days, according to a report in The Wall Street Journal on Oct. 16, 2022. A shakeup of executive roles and responsibilities is a likely outcome. Also, the reorganization appears to be part of CEO David Solomon's strategy to emphasize businesses that generate steady fees in any market or economic environment. It also seems designed to overcome skepticism, both inside and outside Goldman, about the firm's move into consumer banking with Marcus.

Current Goldman Sachs Organization

Goldman Sachs currently organizes its businesses into these divisions: Asset Management, Consumer and Wealth Management (which includes Marcus), Global Markets (trading), Investment Banking, and Firmwide Strategy.

Firmwide Strategy develops, evaluates, and executes plans for new businesses and growth initiatives across the firm and leads strategic transactions, including acquisitions, investments, and 澳洲幸运5官方开奖结果体彩网:joint ventures. In addition to the five divisions listed above, Goldman Sachs also has 15 other divisions that are mainly oriented toward the internal operations of the firm.

Credit Suisse Restructuring

The pending announcement from Goldman Sachs comes on the heels of a report in early September 2022 that Credit Suisse Group AG (CS) is looking to slash about $1 billion in annual costs, a move that may involve the termination of about 5,000 employees. Credit Suisse's plan, expected to be announced later in October, will reportedly include scaling back its investment banking unit and taking measures to put a series of scandals behind it.