Goldman Sachs Names Leaders for Newly Merged Units

Goldman Sachs has named the leadership for its newly consolidated global business which has been divided into three core units.

Goldman Sachs appoints Marc Nachmann as head of asset and wealth management, Ashok Varadhan, Dan Dees and Jim Esposito as global co-heads of global banking and markets, and Stephanie Cohen as head of platform solutions.

Earlier this week, reports indicated that Goldman would unveil a newly consolidated structure that would combine asset and wealth management into one division as well as investment banking and trading into another one. The third division oversees transaction banking alongside Goldman’s portfolio of fintech platforms.

In its latest third-quarter results, the bank registered a 44 percent drop in profits and underlined plans to pull back on some of its consumer banking ambitions, with investments such as Marcus and fintech lender GreenSky which have been structured under the expanded wealth unit and the platform solutions unit, respectively.

We are making it clear that we’re pulling back on some of that now,” said Goldman Sachs chief executive David Solomon during an analyst briefing. I think one of the big learnings over the last few years is that we’re better to play to our strengths.