Goldman Sachs is reorganizing its businesses to highlight its transformation into a digital bank

Goldman Sachs is reorganizing its businesses to highlight its transformation into a digital bank
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Goldman Sachs is reorganizing its businesses to more closely resemble Wall Street peers and give its nascent retail banking operations its own category.

The bank is now calling its four main segments global markets, investment banking, asset management and consumer & wealth management, Goldman said in a filing early Tuesday. Previously, the divisions were called institutional client services, investment banking, investment management, and investing and lending.

The changes, just before the bank’s fourth-quarter earnings report next week as well as its first-ever investor day later this month, should allow investors a cleaner look at how Goldman lines up with competitors. It could also showcase growth in Goldman’s digital retail banking and credit-card operations, home to its Marcus brand and the Apple Card, which had previously been buried in another division.

It’s the latest step taken by CEO David Solomon to put his stamp on the company as it attempts to transition from a somewhat secretive Wall Street trading house to a bank with more diversified revenue streams.

Solomon has complained that investors haven’t yet appreciated the progress being made in his new digital businesses. The company created Marcus in 2016, offering high interest savings and personal loans to mainstream consumers for the first time, and last year unveiled its first credit card with tech giant Apple.

Source: CNBC

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