Goldman Sachs Forms New Business Segments

January 7, 2020

Goldman Sachs formed new business segments for the reporting of its financial results, beginning with its 2019 fourth quarter and annual results to be announced Wednesday, January 15. The business segments are: Investment Banking, Global Markets, Asset Management and Consumer & Wealth Management.

As described in the form 8-K filed today, the primary changes were:

Investing & Lending results are now included across the four segments as described below.

Investment Banking additionally includes the results from lending to corporate clients, including middle-market lending, relationship lending and acquisition financing, previously reported in Investing & Lending. These results are included within Corporate lending.

Institutional Client Services has been renamed Global Markets and additionally includes the results from providing warehouse lending and structured financing to institutional clients, previously reported in Investing & Lending, and the results from transactions in derivatives related to client advisory and underwriting assignments, previously reported in Investment Banking.

Investment Management has been renamed Asset Management and additionally includes the results from investments in equity securities and lending activities related to the firmís asset management businesses, including investments in debt securities and loans backed by real estate, both previously reported in Investing & Lending.

Consumer & Wealth Management is a new segment that includes management and other fees, incentive fees and results from deposit-taking activities related to the firmís wealth management business, all previously reported in Investment Management. It also includes the results from providing loans through the firmís private bank, providing unsecured loans and accepting deposits through the firmís digital platform, Marcus by Goldman Sachsģ, and providing credit cards, all previously reported in Investing & Lending.

The firm believes this new segment presentation, which is part of its ongoing commitment to organizing the firm in a client-centric way, will not only better reflect how the firm is now managed, but also help drive greater accountability for executing its forward strategy.

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