Goldman Sachs overhauls its banking and trading unit

Goldman Sachs overhauls its banking and trading unit

Goldman Sachs announced a major reorganization on Tuesday as the Wall Street powerhouse battles market volatility.

It announced Tuesday morning that it was merging its trade and investment banking divisions into a single unit. to help improve operations Reduce the number of key lines at Goldman Sachs.Goldman Sachs overhauls its banking and trading unit.

from four to three

The company is also folding its digital-focused consumer banking product Marcus into its wealth management business.

David Solomon, CEO of Goldman Sachs, said: “Today we enter the next phase of growth. by introducing our business transformation This will allow us to leverage One Goldman Sachs’ unique operating model as we better serve our customers,” Goldman Sachs CEO David Solomon said in a statement.

such announcement This was previously reported by several financial news agencies on Monday. The official announcement was made on Tuesday morning. along with Goldman Sachs’ latest quarterly results.

Goldman Sachs reported nearly $12 billion in revenue for the quarter and $3.1 billion in revenue.

The results are above expectations. But revenue fell 12% from a year ago as the company was hit by a slowdown in global financial markets. trading volume decreased Few companies have made public and announced major mergers. Investment banking revenue fell 57% from last year.

Still, Goldman Sachs shares rose nearly 3 percent on the news. The company fared better than rival Morgan Stanley.

which makes investors disappointed when latest report Friday.

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