Investment Banking

How Goldman’s revamp is looking to reduce its M&A reliance

Overhaul is meant to make firm less dependent on boom-and-bust Wall Street businesses

Goldman Sachs is so dependent on its investment bank that a slump in deal making sent third-quarter profit down 43% — by far the steepest slide among its big-bank peers.

A broad restructuring announced 18 October is meant to change that: Goldman will fold investment banking and trading into one unit and merge asset and wealth management into another — giving it a higher profile at the same time.

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