GS stock closed Tuesday trade at $313.85a s of 04:00 PM

In addition to reporting better-than-expected Q3 results on Tuesday, Goldman Sachs (NYSE:GS) also announced a restructuring of its organizational structure into three core businesses in a bid to increase productivity.

The company informed Seeking Alpha through an email that the new divisions into Asset & Wealth Management (AWM), Global Banking & Markets (GBM), and Platform Solutions will go into effect in December. According to a corporate representative, no executives have departed the firm as a result of the restructuring.

Naturally, the business divided up the management of each section as a result. AWM’s global leader will be Marc Nachmann, who is currently a co-head of the division for global markets. The chief investment officer of AWM is Julian Salisbury, who is currently the global head of Goldman Sachs Asset Management.

Luke Sarsfield, who is now global co-head of GSAM, will become a chief commercial officer of AWM, and Tucker York, who is currently global co-head of Consumer and Wealth Management, will take over as global head of Goldman Sachs (GS) Wealth Management. AWM’s executive vice president and a chief operating officer will be Laurence Stein, executive vice president, and chief operating officer of GSAM.

Ashok Varadhan, Dan Dees, and Jim Esposito will lead GBM as the division’s global co-heads. At the moment, Dees and Esposito are co-heads of the Investment Banking division, and Varadhan is co-head of the Global Markets division everywhere in the world.

Platform Solutions will be led globally by Stephanie Cohen, who is already the global co-head of Consumer and Wealth Management. At Platform Solutions, Peeyush Nahar and Hari Moorthy will both be co-chief operating officers.

In its Q3 presentation slides, Goldman (NYSE:GS) said that its top priorities were to increase management fees, maximize wallet share, increase financing activities, and scale Platform Solutions to make it profitable before taxes.

GS stock performance

U.S. stocks went up for the second day in a row on Tuesday, as good quarterly results from Goldman Sachs and Lockheed Martin calmed fears of a bad earnings season.

Goldman Sachs Group Inc. got back on its feet after a smaller-than-expected drop in quarterly profit, which was caused by a slowdown in investment banking. This happened because net interest income went up.

Even if numerous lenders increased their loan loss provisions in anticipation of troubled times ahead, the investment bank, which is restructuring its business into three sections, mostly closed out earnings from major financial firms on a good note.

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