Goldman Sachs which is usually a giant in the banking industry which keeps its lips tightly sealed has said on this Tuesday that it is going to reorganize the four lines for being a lot more transparent after the series of flubs which have been catching the investors by surprise. This includes an ugly loss during the last fall on a trade by Uber.
The firm which is worth $80 billion has said that it is going to rejig a little for highlighting the consumer niche that is up and coming and includes the retail banking operations of Marcus and the Apple Card that has generated an amount of $822 million or as much as 2.4 % of the revenue of Goldman in this year which had ended on the 30th of September.
At this time simultaneously, David Solomon who is the Chief Executive has been in the process of scrapping their murky unit of Investment and Lending that had been created by their ex-CEO Lloyd Blankfein which as per a lot of analysts was just a black box.
This unit had been formed post the financial crisis for complying with the rules of banning the banks from the prop trading had given the detailed revenues extracted form the own balance sheet of Goldman across a lot of the businesses like private equity, corporate lending and private lending.
Wall Street had been seeing this increasingly as being a de facto hedge fund which was volatile. In the previous year, the unit had lost one bundle in part due to the sizable stake it has in Uber which had taken a major hit of 40%.