Categories Finance, U.S. Markets News

Goldman Sachs trades in positive territory after segment change

Shares of Goldman Sachs (NYSE: GS) were up over 1% in afternoon trade after the company announced a revamp of its business segments.

The four new business segments are Investment Banking, Global Markets, Asset Management and Consumer & Wealth Management. The changes will be effective from the fourth quarter of 2019. Previously the company’s segments were Investment Banking, Institutional Client Services, Investing & Lending, and Investment Management. This move is reportedly to drive better transparency and accountability in its reporting.

The Investment Banking segment will include financial advisory, debt and equity underwriting as well as corporate lending activities. Global Markets will comprise of Fixed Income, Currency and Commodities (FICC) and Equities.

The Asset Management division will include equity investments, lending and activities related to the management of institutional and third-party assets. The Consumer & Wealth Management segment includes consumer banking and wealth management.

In the third quarter of 2019, Goldman Sachs reported revenue declines across all its segments except for Institutional Client Services. The Investment Banking and Investing & Lending divisions posted double-digit declines while Investment Management dipped 2%.

The company is scheduled to report its fourth quarter 2019 results on January 15. Analysts have projected earnings of $5.51 per share on $8.5 billion.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Netflix (NFLX): Four reasons why this leader will not be easy to overthrow

Netflix (NASDAQ: NFLX) has for long been the undisputed king of the streaming space. The streaming industry is seeing massive growth with several new players entering the field. It also

Fastenal (FAST) sees strong post-COVID prospects: Is the stock a buy?

The demand for services that involve minimal human interaction is on the rise as people continue to practice social distancing. Fastenal Co. (NASDAQ: FAST), a market-leading supplier of vending machines,

HEXO Corp. (HEXO) Earnings: 3Q21 Key Numbers

HEXO Corp. (NYSE: HEXO) reported its third-quarter 2021 earnings results today. Net revenue rose 2% year-over-year to CAD22.6 million. Net loss narrowed to CAD20.7 million from a loss of CAD19.5

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top