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Goldman Sachs just shook up divisions to create a new consumer arm that wraps all of its wealth businesses together

Goldman Sachs just shook up divisions to create a new consumer arm that wraps all of its wealth businesses together

Goldman Sachs CEO David Solomon
Michael Kovac/Getty Images

Goldman Sachs has shuffled its divisional setup, creating a new standalone consumer division that includes its Marcus lending unit, as well as its wealth management and private banking businesses, according to people with knowledge of the matter. The change eliminates the former Consumer and Investment Management Division, which held the consumer business as well as the asset management unit known as Goldman Sachs Asset Management. GSAM will now be folded into a standalone asset management division, which also includes the firm's merchant banking business, the people said. This story is developing...
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