Goldman Sachs shakes up business units ahead of quarterly results GlobeBusiness
It added a new consumer and wealth management segment that includes management and other fees related to managing assets, providing investing and wealth advisory services.
“The new reporting structure appears more centred around its different client segments and should help drive increased accountability in how it executes on its relatively new strategy,” Barclays analyst Jason Goldberg said. “The biggest changes appears to be the elimination of ’Investing & Lending’, an area that investors viewed as a low multiple business. Those revenue sources were divided up across its new business units,” he added.
Earlier in November, Reuters reported the bank may move away from its earlier goal of finding $5 billion in fresh annual revenue by 2020 to focus on new targets including a broad efficiency ratio and profitability measures. Goldman is expected to unveil the new targets and metrics in January at its first-ever investor day on Jan. 29. It is expected to report fourth-quarter results on Jan. 15.
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