Goldman CEO David Solomon’s latest remix breaks up the bank’s struggling consumer finance business
In this article GS Follow your favorite stocks CREATE FREE ACCOUNT Goldman Sachs' Chairman and CEO David Solomon attends a session at the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 21, 2020. Denis Balibouse | Reuters Goldman Sachs CEO David Solomon is planning his third major corporate reorganization since assuming control of the bank in late 2018, according to people with knowledge of the plan. The bank's four main divisions will be combined into three, with trading and investment banking forming Goldman's largest and most important division from a revenue perspective, said the people, who declined to be identified before the plan is formally disclosed. Goldman's money-losing consumer finance operations will be split between two new divisions, with parts of the Marcus-branded unit folded into a combined wealth and asset management business and other parts going into a division that focuses on corporate clients , the people said. T...