By Kelly Cloonan
Goldman Sachs is rejiggering the organization of its business segments as it continues to narrow its focus to consumer offerings within its platform solutions business.
The firm has shuffled some of its business lines between its three segments, including global banking and markets, asset and wealth management and platform solutions, according to a Thursday filing with the Securities and Exchange Commission. It will continue to operate and report its results in those three segments.
Under the changes, results from Goldman's transaction banking business will now be included in global banking and markets. The results were previously reported in platform solutions.
Institutional primary loans for syndication and structured letters of credit will continue to be included in global banking and markets, but will be reported in FICC financing. The business was previously reported in "other."
Results from Goldman's urban investment group will now be allocated across all three segments. The group's results were previously reported under asset and wealth management.
Within asset and wealth management, results from equity investments and debt investments will now be reported in aggregate as the firm continues to transition from direct investments on its balance sheet to a scaled third-party funds-driven business, the company said.
Goldman said the changes reflect efforts to narrow its focus on consumer-related activities within its platform solutions segment.
The changes come after Goldman said Wednesday it reached a deal to hand its Apple credit-card program over to JPMorgan Chase, confirming an earlier report from The Wall Street Journal.
Goldman expects its fourth-quarter results to get a boost from the exit, forecasting a 46 cent increase to earnings per share in the quarter, according to the filing with the SEC.
The increase reflects a release of $2.48 billion in loan loss reserves, partially offset by lower revenue from $2.26 billion related to markdowns on the outstanding credit card loan portfolio and contract termination obligations as well as $38 million in operating expenses, the company said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
January 08, 2026 17:10 ET (22:10 GMT)
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