Goldman Sachs Undertakes Massive Restructuring, to Combine Investment Banking and Trading Into One Unit - WSJ

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By Senad Karaahmetovic

Goldman Sachs Group (NYSE:GS) is planning a massive reorganization that will see its investment banking and trading businesses merged into one unit, the Wall Street Journal reports.

Asset and wealth management will be merged to create the second unit, which will also host Marcus, the bank’s consumer-banking unit. The third unit will house transaction banking, fintech platforms, as well as joint ventures with tech companies.

The report adds that Goldman could announce new changes as soon as this week. Once the new structure is in place, the banking giant will look more like its peers.

Goldman shares have struggled in recent years. The company traded at 0.9 times its book value as of the end of Q2, according to FactSet. This compares to 1.4 times at Morgan Stanley (NYSE:MS), and 1.3 times at JPMorgan (NYSE:JPM).

The company is due to report Q3 earnings later this week, which will be seen as an opportunity for the management to discuss rumored changes.