(Reuters) – Goldman Sachs Group Inc unveiled a plan to reorganize its business into three units in another overhaul in less than three years by the Wall Street giant, which also reported a smaller-than-expected 44% slump in third-quarter profit on Tuesday.
The bank will now have three operating segments – asset and wealth management, global banking and markets, and platform solutions.
Following is the leadership structure at Wall Street’s foremost investment bank in the newly organized units:
Asset & Wealth Management (AWM): The new unit integrates the bank’s investing and wealth activities into a single business
Executive Title Role
Marc Nachmann Global head, AWM To oversee the combined
business strategy
Julian Chief investment To oversee investing
Salisbury officer, AWM activities
Rich Friedman Chairman, Goldman To continue to serve in
Sachs Asset previous role focused on
Management the bank’s global
investment franchise
Tucker York Global head, To focus on growing the
Goldman Sachs bank’s Private Wealth
Wealth Management Management(PWM) franchise
Luke Sarsfield Chief commercial To focus on client
officer, AWM franchise and
distribution
Laurence Stein Executive vice To focus on executing
president and chief strategies across merged
operating officer, businesses
AWM
Global Banking & Markets (GBM): Integrates Goldman’s investment banking and global markets into a single business
Executive Title Role
Ashok Varadhan Global co-head To work across advisory,
(GBM) financing, risk
distribution and hedging
segments with co-heads
Dan Dees Global co-head –
(GBM)
Jim Esposito Global co-head –
(GBM)
Platform Solutions: The bank’s new business will bring together its fintech platforms including GreenSky, that Goldman bought in a $2.2 billion deal in 2021
Executive Title Role
Stephanie Global head, To focus on building and
Cohen Platform Solutions embedding cloud-based
financial products and
services for corporate
and institutional clients
Hari Moorthy Co-chief operating To focus on executing
officer, Platform business strategy with
Solutions co-COO
Peeyush Nahar Co-chief operating –
officer, Platform
Solutions
Source: Goldman Sachs
(Reporting by Manya Saini, Niket Nishant, and Noor Zainab Hussain in Bengaluru and Saeed Azhar and Lananh Nguyen in New York; Editing by Nick Zieminski)