The plans are expected to be announced on Oct. 18 alongside Goldman Sachs’ third quarter earnings
is planning a major reorganization to combine its biggest businesses into three divisions with its investment banking and trading businesses being merged into a single unit, two people familiar with the matter told Reuters.
The company’s stock rose 2.2 per cent on Monday, underperforming the broader S&P 500 index which was up 2.6 per cent. Solomon, who became CEO in 2018, has sought to expand Goldman’s footprint in retail banking since his early days at the helm. The consumer business serves more than 14 million customers and had more than $100-billion in deposits with over $16-billion in cards and loans balances, the bank has said.
Such an organizational overhaul of the bank comes shortly after its global job cuts in September that could have impacted hundreds of bankers.
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