Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Palestinian websites: Initial reports of a tough security incident the occupation army is facing in Khan Younis, south of the Gaza Strip
Israeli media: The Israeli army detected a missile launch from Yemen
Al Mayadeen's correspondent from Revolution Square in Tehran: Processions from Bahrain, Iraq, and other Arab nations are in attendance
Iranians gather at Tehran’s Revolution Square for the funeral of martyrs of Israeli aggression
Maduro: I call on the Jews to stop the war madness practiced by the Zionist regime led by Netanyahu
Maduro: Every day, 100 people are killed in Palestine, and the West is watching and is complicit
Iran's representative to the United Nations, in a letter to Guterres and the Security Council: The threat of America and the Zionist entity to assassinate the Supreme Leader is state terrorism.
Washington to the Security Council: The goal was to destroy Iran's uranium enrichment capacity and prevent the threat of Tehran obtaining and using a nuclear weapon
Lebanese Health Ministry: 1 woman martyred, 11 wounded in Israeli strike on residential apartment in Nabatieh, South Lebanon.
Al Mayadeen's correspondent: Four civilians injured in Israeli strike that targeted house in Nabatieh al-Fawqa, South Lebanon.

Goldman Sachs plans major merger of units: WSJ

  • By Al Mayadeen English
  • Source: Wall Street Journal + Agencies
  • 17 Oct 2022 14:01
  • 1 Shares
3 Min Read

Goldman Sachs is apparently planning a major global restructuring that will split its largest businesses into three divisions, as per The Wall Street Journal.

  • x
  • Goldman Sachs stall on the floor of the New York Stock Exchange. (Archive)
    Goldman Sachs stall on the floor of the New York Stock Exchange (Archive)

The Wall Street Journal reported on Sunday that Goldman Sachs is planning a major reorganization in which its storied investment banking and trading businesses will be combined, while consumer banking will be absorbed by its wealth unit.

Goldman Sachs will combine asset management and wealth management into a single unit, as per a Wall Street Journal report citing unnamed sources.

The unit, led by current global co-head of global markets Marc Nachmann, will also include Marcus, the consumer banking arm.

The move comes as the Wall Street titan seeks to diversify its revenue sources away from volatile trading and investment banking.

It would imply that CEO David Solomon's ambition to build a mass-market digital bank through consumer banking unit Marcus would be put on hold.

The plans, which are expected to be announced within days, will see Goldman Sachs restructure its largest businesses into three divisions, as per WSJ.

The company will combine its investment banking and trading businesses into one unit, while asset and wealth management will be combined into another, the report added.

Related News

Cuba denounces US-backed nomination of Rosa Maria Paya to IACHR

US Senate blocks resolution limiting military action against Iran

Furthermore, a separate Bloomberg report stated that the combined investment banking and trading group will be led by Dan Dees and Jim Esposito, who are currently global co-heads of Goldman's investment banking, and Ashok Varadhan, who is now co-head of the firm's global markets division.

WSJ said that Marc Nachmann, the bank's global co-head of the global markets division, will join the combined asset- and wealth-management arm to help run it.

Such a bank organizational overhaul would come soon after the bank's global job cuts in September, which could have affected hundreds of bankers.

Marcus faces delays

Since his early days as CEO, Solomon had hoped to make significant inroads into retail banking. However, the consumer banking unit, which was launched in 2016, is still struggling and will be integrated into asset and wealth management.

Marcus has experienced some delays - it has yet to launch a checking account, which it previously stated would be available this year - and is reportedly burning cash.

According to Bloomberg, the bank internally forecasted that the unit's losses would exceed $1.2 billion by 2022, implying that cumulative losses would exceed $4 billion. Goldman did not respond.

Solomon has previously stated that the company could generate more than $4 billion in revenue by the end of 2024.

The consumer business serves more than 14 million customers and has more than $100 billion in deposits with more than $16 billion in card and loan balances, the bank stated.

Read more: Powerful forces threaten US economy, claims JPMorgan CEO

  • United States
  • Goldman Sachs
  • The Wall Street Journal
  • David Solomon
  • US
  • merger of units
  • global markets

Most Read

Iranian President Masoud Pezeshkian attends a protest following the US attacks on nuclear sites in Iran, in Tehran, Iran, Sunday, June 22, 2025. (AP)

Iran declares victory as ceasefire forces Israeli retreat

  • Politics
  • 24 Jun 2025
Israeli workers survey the site where a missile launched from Iran struck in Haifa on Sunday, June 22, 2025. (AP)

True Promise 3, wave 20: 40 missiles launched, Kheibar-Shekan in first

  • Politics
  • 22 Jun 2025
Iran launches strikes on Israeli targets, despite alleged ceasefire

Iran victorious as ceasefire with 'Israel' takes effect

  • Politics
  • 24 Jun 2025
Iranian worshippers carry their country's flags in a protest to condemn Israeli attacks on multiple cities across Iran, after the Friday prayers ceremony in Tehran, Iran, Friday, June 20, 2025. (AP)

Iran warns of NPT withdrawal, Strait of Hormuz closure after US attack

  • Politics
  • 22 Jun 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli occupation soldiers search for settlers amid the rubble of buildings destroyed by an Iranian missile strike in Bat Yam, central occupied Palestine, on Sunday, June 15, 2025 (AP)
Politics

Iran missile strike flattens Bat Yam, displaces 2,000 settlers

Palestinian fighters from the Islamic Jihad militant group riding on a truck with weaponry on display take part in an anti-Israel parade marking the 36th anniversary of the movement's founding, in Gaza City, Wednesday, Oct. 4, 2023 (AP)
Politics

Palestinian Resistance attacks Israeli forces in Khan Younis, Jabalia

Iranian Foreign Minister Abbas Araghchi stands waiting to meet Russian President Vladimir Putin for the talks at the Kremlin in Moscow, Russia, Monday, June 23, 2025 (AP)
Politics

Iran suspends IAEA cooperation, Araghchi blames Grossi for attacks

The commander of the Quds Force's Palestine Unit, Brigadier General Mohammad Said Izadi (Illustrated by Mahdi Rtail for Al Mayadeen English)
Politics

Who was Mohammad Said Izadi, head of the Quds Force's Palestine Unit?

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS