Goldman Sachs chief executive David Solomon is planning to reverse the decision taken two years ago to merge the bank’s asset management and private wealth business units.
The combined unit will be run by Marc Nachmann, the current global co-head of the global markets division, according to Bloomberg.
A Goldman Sachs spokesperson told our sister publication Fund Selector Asia that the bank had no comment.
This is the third major reorganisation since Solomon took office four years ago as the chief executive, including splitting the two arms in 2020.
Most recently, Luke Sarsfield and Julian Salisbury served as co-heads of the asset management division, while Tucker York and Stephanie Cohen led the wealth management arm.
Bloomberg reported that after the merger, Sarsfield will return to a sales-focused role, while Salisbury will become the chief investment officer. York will return to running the private wealth business.
As a part of this round of reforms, a part of the consumer banking business that deals with corporate partners will become a standalone entity run by Cohen.
Moreover, the bank will also merge its investment banking and trading operations under one group and break up its consumer unit, according to Bloomberg. The newly-merged unit will be run by Dan Dees, Jim Esposito and Ashok Varadhan.
Goldman Sachs laid off staff globally in late September, including at least 25 bankers in Asia, according to a separate Bloomberg report.
The company spokesperson has also not replied to an enquiry from FSA regarding the cuts, but the Hong Kong Securities and Futures Commission’s database shows that licences of junior analysts from the equity capital markets, health care, and telecommunication, media and technology teams ceased in late September.
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