This item has been updated to remove incorrect information about Goldman’s Platform Solutions unit.
Goldman Sachs Group Inc.
GS,
said Friday it will report fourth-quarter results in three business segments rather than four including combining its investment banking and trading businesses into one unit, Global Banking & Markets. Starting Tuesday when it reports fourth-quarter results, Goldman will break up its business into three major units: Global Banking & Markets, Asset & Wealth Management and Platform Solutions. Previously, it reported four units: Investment Banking, Global Markets, Asset Management and Consumer & Wealth Management. The Wall Street Journal previously reported a unit restructuring at Goldman in October. The filing also disclosed about $3 billion losses in its Platform Solutions unit since 2020, as initially reported by The Wall Street Journal. The moves come after Goldman Sachs reportedly laid off 3,200 people this week. The changes have no effect on its historical financial disclosures. Shares of Goldman Sachs fell fractionally in pre-market trades.
