Goldman Sachs renames business units ahead of quarterly results
FILE PHOTO: The ticker symbol and logo for Goldman Sachs is displayed on a screen on the floor at the New York Stock Exchange in New York, U.S., December 18, 2018. REUTERS/Brendan McDermid
The latest changes are part of a broader strategic overhaul under Chief Executive Officer David Solomon, who is looking to build a bigger consumer business to shield revenue from wild swings in financial markets that have pressured its trading arm. Goldman renamed its institutional client services business as global markets, while investment management will now be called asset management. The bank is also doing away with its investing and lending unit, it said in a regulatory filing.
“The new reporting structure appears more centered around its different client segments and should help drive increased accountability in how it executes on its relatively new strategy,” Barclays analyst Jason Goldberg said.
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