The Wall Street giant plans to once again combine its expanded asset management and private wealth businesses
Goldman Sachs Group’s David Solomon is embarking on his third major reorganization in just four years as CEO, undoing some of the signature moves he made as recently as 2020. Picture: BLOOMBERG
into one unit run by Marc Nachmann, according to people familiar with the matter. Goldman will also fuse its investment-banking and trading operations under one group run by Dan Dees, Jim Esposito and Ashok Varadhan. The money-losing consumer unit will be broken up. Most visibly, he’s disbanding the direct-to-consumer efforts, cutting short the retail banking dreams that he had spelt out in his early days as CEO. A smaller subset of that business that deals with corporate partners will emerge as a stand-alone entity called Platform Solutions run by Stephanie Cohen, the people said, asking not to be identified discussing information that’s not yet public.
Nachmann will now have held a leadership role in each of Goldman’s major moneymaking groups since Solomon took the top job. His last role was the co-head of the trading group, the biggest revenue generator at the firm.
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