Goldman Sachs makes sweeping changes to match peers

Six of the eight largest banks have shortcomings in its ‘living wills,’ according to the Fed and the FDIC.

Goldman Sachs is making sweeping changes to make it easier for investors to compare the storied Wall Street firm with its peers.

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The New York-based investment bank announced new business segments for the reporting of its quarterly results. The changes will take place beginning with Goldman’s 2019 fourth-quarter results and annual results scheduled to be released on Jan. 15.

The new business segments are:

Investment Banking
Global Markets
Asset Management
Consumer Wealth & Management

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Goldman expects the changes to “better reflect how the firm is now managed” and “help drive greater accountability for executing its forward strategy.”