Goldman Sachs plans major rejig, to merge trading and banking units

Goldman Sachs is planning a major reorganization as part of which its storied investment banking and trading businesses will be combined, while consumer banking will be absorbed by its wealth unit, the Wall Street Journal reported.
 

The move comes as the Wall Street titan has sought to cut its reliance on volatile trading and investment banking revenues by boosting its fee-based businesses.
 

It would mean CEO David Solomon’s ambition to build a mass-market digital bank via consumer banking unit Marcus will take a backseat.
 

The plans, which are expected to be announced within days, will see Goldman restructure its biggest