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Goldman Shakes Up Leadership Ranks in Yet Another Overhaul

  • CEO unwinds key changes from previous restructuring in 2020
  • Bank strips down consumer-banking business after missed goals
Bloomberg business news
Goldman’s (GS US) Latest Overhaul Shakes Up Leadership RanksSource: Bloomberg
Updated on

Goldman Sachs Group Inc.’s David Solomon is embarking on his third major reorganization in just four years as chief executive officer -- undoing some of the signature moves he made as recently as 2020 and spotlighting a new class of his most senior lieutenants.

The Wall Street giant plans to once again combine its expanded asset-management and private-wealth businesses 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.