Goldman combines investment banking and trading business

© Reuters. FILE PHOTO: The corporate logo of Goldman Sachs is seen in the company’s space on the floor of the New York Stock Exchange, (NYSE) in New York, U.S., April 17, 2018. REUTERS/Brendan McDermid / File Photo

(Reuters) – Goldman Sachs Group Inc plans to fold its largest businesses into three divisions, the Wall Street Journal reported on Sunday, citing people familiar with the matter.

In one of the largest reorganizations in Wall Street corporate history, Goldman will combine its investment banking and commercial businesses into one unit, while consolidating wealth and asset management. into another unit, the report said.

Marcus, Goldman’s consumer banking arm, will be part of the wealth and wealth management unit, the report added.

The third division will look at transaction banking, the bank’s portfolio of fintech platforms, according to the WSJ.

Goldman did not immediately respond to Reuters’ request for comment.

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