Goldman Sachs renames business units ahead of quarterly results
INTERNATIONAL – Goldman Sachs Group said on Tuesday it renamed its main business units ahead of its quarterly results next week, as part of the Wall Street bank’s efforts to provide greater transparency for investors into its financial performance.
The bank said it would report its future earnings, starting with the latest December quarter, under the newly named business units - investment banking, global markets, asset management and consumer & wealth management.
Goldman renamed its institutional client services business as global markets, while investment management has been renamed as asset management, the bank said in a regulatory filing.
The bank also 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 latest changes are part of a broader strategic overhaul under Chief Executive Officer David Solomon, who is attempting to build a bigger consumer business to shield revenue from wild swings in financial markets.
Earlier in November, Reuters had reported that 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.