The new Goldman Sachs reorganization brings a new target into view, writes johnsfoley.
Goldman Sachs has changed the way it reports earnings, including separating its consumer- and wealth-management business from money made on loans to corporate clients and proprietary investments.
Goldman renamed its Institutional Client Services business, which includes trading and is the biggest by revenue, as Global Markets. Equity investments would move from Investing & Lending, a division that will now cease to exist, to Asset Management. Lending to companies would be recorded under Investment Banking.
A new segment, Consumer & Wealth Management, will include Goldman’s Marcus retail bank and its credit-card venture with iPhone-maker Apple. Consumer banking made $636 million of revenue in the first nine months of 2019, the firm said, reporting that figure for the first time. In the whole of 2018 it made $611 million.
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