(Reuters) – Goldman Sachs Group is planning to restructure its largest business into three divisions, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
In making one of the largest adjustments in Wall Street history, Goldman will combine investment and commercial banking into one unit, while integrating asset and wealth management into another unit, the report said.
The report added that Marcus, the retail banking arm of Goldman, will be part of the asset and wealth management unit.
A third division will look at banking transactions and the bank’s portfolio of fintech platforms, according to the WSJ.
People said the restructuring plans are expected to be announced within days. Goldman Sachs reports its third-quarter earnings on Tuesday.
However, changes in the bank’s senior leadership remain unknown, according to the report, although at least a few executives will have new roles. Mark Nachman, global co-head of the bank’s global markets division, will move in to help manage the joint asset and wealth management arm.
A Goldman spokesman in Asia declined to comment.
The review came shortly after the bank’s global job cuts in September that could have affected hundreds of bankers.
It reported a 48% drop in second-quarter earnings, which beat expectations due to gains in fixed income and commodity trading.
