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Company News

Goldman Sachs streamlines asset, consumer, wealth management units

FILE PHOTO: A view of the Goldman Sachs stall on the floor of the New York Stock Exchange July 16, 2013. REUTERS/Brendan McDermid/File Photo

NEW YORK (Reuters) - Goldman Sachs Group Inc GS.N on Tuesday named new chiefs of its asset management and consumer and wealth management divisions as part of a broader restructuring of those businesses, effective Jan. 1.

The merchant banking and asset management businesses will be merged into a unit led by Eric Lane and Julian Salisbury, it said in a statement. Lane is global co-head of the bank’s consumer and investment management division. Salisbury serves as global head of merchant banking.

The private wealth and consumer businesses will be combined into a unit led by Tucker York and Stephanie Cohen. York is head of wealth management, while Cohen is the bank’s chief strategy officer. Russ Hutchinson, head of financial institutions M&A in the Americas, will become chief strategy officer.

Chief Executive David Solomon, who succeeded Lloyd Blankfein in October 2018, has been reshaping the bank, shifting its focus away from volatile trading into more stable businesses.

Solomon has streamlined the bank’s structure into four main businesses - investment banking, trading, asset management and consumer banking.

Harit Talwar will step down as global head of Goldman’s Marcus consumer bank, to be replaced by Omer Ismail. Talwar will become chairman of the consumer business.

Reporting by Matt Scuffham; Editing by Richard Chang

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