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Jan 7, 2020

Goldman Sachs revamps divisions, highlighting consumer effort

Goldman Sees S&P 500 Rising to 3.400 by Year End

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Goldman Sachs Group Inc. said it will shuffle the way it breaks down results by division in a bid to highlight growth in its consumer business and get more credit from investors.

The firm will report a new segment named Consumer and Wealth Management that will include its Marcus online lending unit and its credit-card venture with Apple Inc. The company will eliminate its investing and lending segment, after years of executives lamenting that investors discounted profits from that area because they were more difficult to predict.

The moves, outlined in a company filing Tuesday, will spread the interest income Goldman Sachs receives from its lending efforts across all four of the new segments and make the firm’s divisions more comparable to its competitors. The changes may help the bank’s effort to show off its areas of growth as a long slump in its biggest business — trading — has weighed on shares.

Goldman shares climbed 0.3 per cent at 6:48 a.m. in early New York trading. The stock jumped 38 per cent last year, but it still trades at a lower multiple of its book value than most major U.S. banks.

The firm’s equity investments with its own capital will be housed in a renamed asset-management unit. The bank has said it’s looking to move away from taking stakes with its own money and will try to raise more client funds.

Goldman will host its first investor day later this month.