Goldman's Another Reorganization
Goldman Sachs Chief Executive Officer David Solomon is embarking on his third major recognisition of the bank in four years, undoing changes made there as recently as 2020. Effects: The Wall Street giant plans to—once again—combine its expanded asset management and private wealth businesses into one unit. Goldman will also unite its investment-banking and trading operations under one group. The money-losing consumer unit will be broken up. Together, these moves mark a reversal for Solomon, 60, who had forged ahead with plans to separate the asset management and wealth business despite skepticism inside the bank. He was also reluctant to combine investment banking and trading into one group, as the firm looked to talk up other fee-based businesses to win over shareholders. What is in it for you: Most visibly, he’s disbanding the direct-to-consumer efforts, cutting short the retail banking dreams that he had spelled out in his early days as CEO. A smaller subset of that...