Goldman Sachs is shifting away from investment banking and trading to focus instead on its wealth management business and tech portfolio, as a choppy economy takes a toll on Wall Street.
In an earnings call Tuesday with analysts, CEO David Solomon said the bank was focused on getting to a "One Goldman Sachs" model of integrated businesses. To that end, Solomon said, the bank would combine its assets and wealth management units into one segment, streamline the investment banking and global markets units into another and create a third segment called "Platform Solutions" that will unify fintech platforms including transaction banking, consumer partnerships and home improvement lender GreenSky.
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Goldman's struggling retail banking unit Marcus will be
The shakeup across the investment bank's teams represents a doubling back for Solomon, who in
To see the main takeaways from Goldman's third-quarter earnings, scroll down the slideshow. For coverage of the firm's second-quarter earnings, click