Goldman Sachs has reportedly named the leaders of three new operating segments that the firm outlined in its earnings results presentation released Tuesday (Oct. 18).
Marc Nachmann will be global head of the Asset and Wealth Management segment; Dan Dees, Jim Esposito and Ashok Varadhan will be global co-heads of the Global Banking and Markets segment, and Stephanie Cohen will be global head of the Platform Solutions segment, Reuters reported Tuesday (Oct. 18).
PYMNTS has reached out to Goldman Sachs for comment.
The appointments come as the firm “undertakes its biggest overhaul since 2020,” according to the report.
The bank has been planning to streamline its organization’s four businesses into three businesses during one of its most extensive reorganizations in its 153-year history, The Wall Street Journal (WSJ) reported Monday (Oct. 17).
Read more: Major Goldman Reorg Will Fold Consumer Banking Marcus into Wealth Management
Goldman Sachs said in the presentation released Tuesday that with this “next step in [its] strategic evolution,” the firm aims to grow and strengthen its existing businesses, diversify its products and services and operate more efficiently.
Asset and Wealth Management will cover both public and private markets, Global Banking and Markets will drive returns through synergistic businesses, and Platform Solutions will embed digital platforms in the ecosystems of Goldman Sachs clients, according to the Goldman Sachs presentation.
Cohen is currently global co-head of consumer and wealth management and a member of the management committee. She joined Goldman Sachs as an analyst in 1999, was named managing director in 2008 and was named partner in 2014.
Nachmann is currently global co-head of the global market division. He joined Goldman Sachs in the investment banking division in 1994, was named managing director in 2002 and was named partner in 2004.