Goldman Revamps Divisions, Highlighting Consumer Businesses
- Newly created unit houses Marcus, Apple credit-card venture
- Restructuring eliminates the investing and lending operation
This article is for subscribers only.
Goldman Sachs Group Inc. revamped the way it breaks down results by division to highlight growth in its consumer business and get more credit from investors.
The firm created a consumer and wealth-management unit that houses the Marcus online lending business and Goldman’s credit-card venture with Apple Inc. The company eliminated its investing and lending segment, a division investors often discounted because profits were difficult to predict.