Goldman Sachs Group Inc () unveiled a plan to reorganize its business into three units in another overhaul in less than three years by the Wall Street giant, which also reported a smaller-than-expected 44% slump in third-quarter profit on Tuesday.
The bank will now have three operating segments – asset and wealth management, global banking and markets, and platform solutions.
Following is the leadership structure at Wall Street’s foremost investment bank in the newly organized units:
Asset & Wealth Management (AWM): The new unit integrates the bank’s investing and wealth activities into a single business
Global head, AWM
To oversee the combined business strategy
Global Banking & Markets (GBM): Integrates Goldman’s investment banking and global markets into a single business
Global co-head (GBM)
To work across advisory, financing, risk distribution and hedging segments with co-heads
Platform Solutions: The bank’s new business will bring together its fintech platforms including GreenSky, that Goldman bought in a $2.2 billion deal in 2021
Global head, Platform Solutions
To focus on building and embedding cloud-based financial products and services for corporate and institutional clients