David Solomon, the chief executive officer of Goldman Sachs Group Inc., is starting his third significant restructuring in just four years.
Erasing some of the ground-breaking decisions he made as recently as 2020.
According to persons familiar with the subject, the Wall Street behemoth intends to once more merge its enlarged asset management and private wealth divisions into a single company led by Marc Nachmann.
Additionally, Dan Dees, Jim Esposito, and Ashok Varadhan will oversee a division that combines Goldman's investment banking and trading businesses.
The consumer unit that is losing money will be disassembled.
The decisions represent a U-turn for Solomon, 60, who two years ago overcame internal resistance inside the bank to carry on with plans to split the asset management and wealth business.