<p><img src="https://static1.businessinsider.com/image/5c40b6cbb492cb3ebd48300a-2400/gettyimages-1048898186.jpg" border="0" alt="Goldman Sachs CEO David Solomon" data-mce-source="Getty Images" data-mce-caption="Goldman Sachs CEO David Solomon speaks at the Vanity Fair New Establishment Summit"></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>Goldman Sachs has been going through some massive changes under CEO David Solomon.</p><p>It's taken big steps involving transparency and inclusion to change up its culture. After its first-ever <a href="https://www.businessinsider.com/reactions-behind-the-scenes-at-goldman-sachs-investor-day-2020-1'r=gs-lp">investor day</a> in early 2020, the firm is looking to execute on targets including multi-year cost-cutting plans. And it's making big pushes into businesses like <a href="https://www.businessinsider.com/goldman-sachs-joe-duran-wealth-management-hiring-expansion-growth-2020-10'r=gs-lp" target="_blank" rel="noopener">wealth management</a> and consumer banking. </p><p>Solomon, who took the reins as CEO in 2018, has also looked to <a href="https://www.businessinsider.com/goldman-sachs-partner-class-2020-banking-wall-street-2020-11">reduce the number of partners</a> at the firm in order to make the status more elite and exclusive. In 2018, there were 484 partners. But as of the latest announcement <a href="https://www.businessinsider.com/goldman-sachs-partner-class-2020-banking-wall-street-2020-11">of the newest partner additions</a>, Goldman's total partners amounted to fewer than 440. </p><p>Meanwhile, the upper echelons of one of Goldman Sachs' most prestigious businesses, its investment banking division, are about to undergo <a href="https://www.businessinsider.com/gregg-lemkau-departing-goldman-sachs-banking-michael-dell-msd-partners-2020-11'r=gs-lp" target="_blank" rel="noopener">a big leadership transition</a>.</p><p>Here's everything you need to know:</p><h2>Who's running the show </h2><p><a href="https://www.businessinsider.com/goldman-sachs-org-chart-top-executives-leadership-management-operating-committee-2020-9"><img src="https://static4.businessinsider.com/image/5f7267c60ab50d00184ace4a-1668/Goldman Sachs org chart 2x1.png" border="0" alt="Goldman Sachs org chart 2x1" data-mce-source="Cindy Ord/Getty; Paul Morigi/Getty; Sean Zanni/Patrick McMullan via Getty; Jemal Countess/Getty; Shayanne Gal/Business Insider"></a></p><p>Goldman in September <a href="https://www.businessinsider.com/goldman-sachs-reshuffles-divisions-consumer-asset-management-2020-9'r=gs-lp">shuffled its setup</a>, creating a new standalone consumer division that includes its Marcus lending unit as well as its wealth-management and private-banking businesses.</p><p>Strategy chief Stephanie Cohen and Tucker York, the head of the private-wealth business, will colead the new consumer and wealth management division and the changes go into effect on Jan. 1.</p><p>The change eliminates the former consumer and investment management division, which held the consumer business and the asset-management unit known as Goldman Sachs asset management.</p><p>The new setup matches the way Goldman reports financial results, a change the firm made last year to better align with how Solomon wanted investors to think about the firm. Goldman will now have four divisions: consumer and wealth management, asset management, investment banking, and global markets.</p><p><strong>Read more: </strong></p><ul><li><em><a href="https://www.businessinsider.com/goldman-sachs-reshuffles-divisions-consumer-asset-management-2020-9'r=gs-lp'r=gs-lp" target="_blank" rel="noopener" data-analytics-post-depth="40" data-uri="8078379a6e3f2a014c5d943e3dd78327">Goldman Sachs just shook up its divisions to create a new consumer and wealth-management arm that will be run by Stephanie Cohen and Tucker York</a></em></li><li><em><a href="https://www.businessinsider.com/goldman-sachs-org-chart-top-executives-leadership-management-operating-committee-2020-9">We mapped out the power structure at Goldman Sachs and identified the bank's 125 top execs. Here's our exclusive org chart.</a></em><a href="https://www.businessinsider.com/goldman-sachs-announces-new-leadership-for-ma-group-2020-9'r=gs-lp" target="_blank" rel="noopener"></a></li><li><em><a href="https://www.businessinsider.com/list-of-goldman-sachs-partners-in-merchant-banking-division-2020-7'r=gs-lp" target="_blank" rel="noopener" data-analytics-post-depth="100" data-uri="a1a1440f300e01065ded069e4c85e155">REVEALED: The 20 leaders in charge of the powerful Goldman Sachs merchant-banking division that's raising $100 billion for a new alternatives push</a></em></li></ul><h2>Wealth management and consumer banking</h2><p>In Goldman Sachs's quest to move down-market, part of its wealth management division is preparing to expand by hiring <a href="https://www.businessinsider.com/goldman-sachs-joe-duran-wealth-management-hiring-expansion-growth-2020-10'r=gs-lp">dozens of financial advisors in the coming year</a>.</p><p>Goldman has been on a quest to <a href="https://www.businessinsider.com/goldman-sachs-revealed-new-wealth-management-brand-on-investor-day-2020-1" data-analytics-module="body_link" data-analytics-post-depth="60" data-uri="d9acb72e56928b56de35faa27396ef3c">manage money for clients</a> less wealthy than the multi-millionaires to whom the bank has long catered. </p><p>The firm is also set to expand its consumer arm by picking up General Motors' credit-card business for a price tag of roughly $2.5 billion. Goldman launched Marcus, a digital-only consumer bank, in 2016. And last year, it took the plunge into the consumer credit-card business by <a href="https://www.businessinsider.com/apple-goldman-sachs-credit-card-future-of-branch-banking-2019-2">teaming up with Apple</a> to launch both brands' first consumer credit-card offering.</p><p>The Apple Card hasn't been the only way that Goldman is teaming up with Big Tech names. Amazon has partnered with Goldman Sachs to <a href="https://www.businessinsider.com/amazon-financial-services-goldman-sachs-ecommerce-business-2020-4'r=gs-lp">offer loans to its merchants</a>. And Stripe is partnering with banks including Goldman Sachs and Citi to offer business <a href="https://www.businessinsider.com/banking" data-analytics-module="body_link" data-analytics-post-depth="20">banking</a> services. </p><p><strong>Read more: </strong></p><ul><li><em><a href="https://www.businessinsider.com/why-goldman-sachs-is-buying-folio-independent-financial-adviser-push-2020-5'r=gs-lp" target="_blank" rel="noopener">Why Goldman Sachs, which has a $509 billion wealth business geared towards ultra-rich clients, is buying a small Virginia fintech for financial advisers and retail investors</a></em></li><li><em><a href="https://www.businessinsider.com/marcus-goldman-sachs-mobile-banking-strategy-2020-7'r=gs-lp" target="_blank" rel="noopener">Goldman Sachs is building an AI-powered digital assistant and checking account for its Marcus consumer bank. Here's how it's shaping up.</a></em></li><li><em><a href="https://www.businessinsider.com/amazon-financial-services-goldman-sachs-ecommerce-business-2020-4'r=gs-lp" target="_blank" rel="noopener">Amazon just entered the small business loan market with Goldman. Here's how the e-commerce giant is building a bank for itself.</a></em></li></ul><h2>Dealmakers</h2><p>When Goldman announced its latest class of partners, one group was particularly well-represented on the list. <a href="https://www.businessinsider.com/goldman-sachs-tmt-investment-banking-partner-class-tech-wall-street-2020-11'r=gs-lp">Seven of the 19 investment bankers</a> elevated to partner status came from the bank's powerhouse technology, media, and telecommunications group.</p><p>Goldman Sachs' entire investment-banking business ranks number one in mergers and acquisitions and bookrunning for equity capital markets, <a href="http://graphics.wsj.com/investment-banking-scorecard/" data-analytics-module="body_link" data-analytics-post-depth="40" data-uri="fb53107436e4edc9418bd61328100aa2">according to Dealogic</a>. </p><p>Goldman has worked on some of the hottest IPOs of the year, including <a href="https://www.businessinsider.com/doordash-ipo-fees-earned-by-bookrunners-like-goldman-sachs-jpmorgan-2020-12">DoorDash</a>. It's also got a pipeline of big names lined up for next yearas Business Insider first reported, the bank has been tapped to lead <a href="https://www.businessinsider.com/coinbase-taps-goldman-sachs-upcoming-ipo-crytpo-exchange-bitcoin-2020-12'r=gs-lp">cryptocurrency exchange Coinbase's</a> planned offering. </p><p>The firm also played a role in <a href="https://www.businessinsider.com/goldman-sachs-delta-united-transportation-industrials-investment-banking-matt-mcclure-2020-12'r=gs-lp">massive debt financings for travel-related companies during the coronavirus pandemic</a>. One of the solutions was a first-of-its-kind deal helping United raise $6.8 billion in debt in June by leveraging its frequent flyer program. </p><p>The group has also seen some shakeups this year. Goldman Sachs veteran Gregg Lemkau, co-head of the firm's investment banking division since 2017 and a member of Goldman's management committee, <a href="https://www.businessinsider.com/gregg-lemkau-departing-goldman-sachs-banking-michael-dell-msd-partners-2020-11'r=gs-lp">is departing at the end of 2020</a>. And in September, Goldman Sachs <a href="https://www.businessinsider.com/goldman-sachs-announces-new-leadership-for-ma-group-2020-9'r=gs-lp">named new leadership</a> in its M&A group.</p><p><strong>Read more: </strong></p><ul><li><em><a href="https://www.businessinsider.com/goldman-sachs-tmt-investment-banking-partner-class-tech-wall-street-2020-11'r=gs-lp" target="_blank" rel="noopener">Meet the 7 new partners in Goldman Sachs' elite TMT division, advising on high-profile tech IPOs and deals for clients like Snowflake, Shopify, and Netflix</a></em><a href="https://www.businessinsider.com/goldman-sachs-partner-class-2020-banking-wall-street-2020-11'r=gs-lp" target="_blank" rel="noopener"></a></li><li><em><a href="https://www.businessinsider.com/gregg-lemkau-departing-goldman-sachs-banking-michael-dell-msd-partners-2020-11'r=gs-lp" target="_blank" rel="noopener">Goldman Sachs' cohead of investment banking is jumping ship to be CEO of a Michael Dell-backed investment firm. Read the full memos the bank just sent about the exitand who's replacing him.</a></em></li><li><em><a href="https://www.businessinsider.com/goldman-sachs-announces-new-leadership-for-ma-group-2020-9'r=gs-lp" target="_blank" rel="noopener">Read the full memo Goldman Sachs just sent announcing a leadership shakeup in its powerhouse M&A group</a></em></li><li><em><a href="https://www.businessinsider.com/goldman-sachs-delta-united-transportation-industrials-investment-banking-matt-mcclure-2020-12">A Goldman Sachs banker who leads a team that helped clients like Delta and Norwegian Cruise Line raise $120 billion in debt to weather the pandemic shares his 2021 outlook for the travel industry</a></em></li></ul><h2>What's next for Goldman Sachs</h2><p>Goldman Sachs itself is reportedly considering plans to shift asset management operations out of New York, where its headquarters tower over West Street in Manhattan's financial district, to South Florida. Goldman's move is not a done deal, but the reported plans echoed other <a href="https://www.businessinsider.com/wall-street-move-florida-goldman-sachs-elliott-real-estate-2020-12'r=gs-lp">New York-based firms' recent moves.</a></p><p>And overall, Goldman is forging ahead with plans to divert more employees out of traditional banking capitals like New York, London, and Hong Kong to lower-cost cities including Salt Lake City, Dallas, and Bangalore, India.</p><p>Goldman's relocation efforts are part of a broader strategy laid out at the <a href="https://www.businessinsider.com/biggest-takeaways-and-targets-from-goldman-sachs-investor-day-2020-1" data-analytics-module="body_link" data-analytics-post-depth="60" data-uri="b4961e68718cad71e669e6e0e0610a98">bank's investor day in January</a>, which is directed at slashing $1.3 billion in costs over the course of three years.</p><p><strong>Read more: </strong></p><ul><li><em><a href="https://www.businessinsider.com/goldman-sachs-staff-low-cost-hubs-dallas-salt-lake-bangalore-2020-11'r=gs-lp" target="_blank" rel="noopener">Goldman Sachs' CFO explained why he's feeling more confident about plans to move employees to lower-cost hubs like Salt Lake City and Dallas</a></em></li><li><em><a href="https://www.businessinsider.com/biggest-takeaways-and-targets-from-goldman-sachs-investor-day-2020-1">Goldman Sachs unveiled hundreds of slides laying out the future of the company. Here are the 10 crucial slides that show how it plans to transform into a bank for everyone.</a></em></li></ul><p><strong>SEE ALSO: <a href="https://www.businessinsider.com/citigroup-org-chart-for-investment-banking-and-bcma-2020-5'r=gs-lp" >We mapped out Citi's 40 most powerful investment bankers. Here's our exclusive org chart.</a></strong></p><p><strong>SEE ALSO: <a href="https://www.businessinsider.com/bank-of-america-merrill-lynch-ficc-org-chart-power-structure-2019-7'r=gs-lp" >Here are the 30 most powerful people in Bank of America's $8 billion bond-trading division</a></strong></p><p><strong>SEE ALSO: <a href="https://www.businessinsider.com/profile-of-goldman-sachs-executive-ram-sundaram-2020-7" >Inside the rise of Ram Sundaram, the leader of a secretive Goldman Sachs desk that's minting billions by designing some of the bank's most imaginativeand controversialtrades</a></strong></p><p><a href="https://www.businessinsider.com/latest-goldman-sachs-news-2019-5#comments">Join the conversation about this story »</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/what-its-like-to-do-your-own-taxes-for-the-very-first-time-2018-2">July 15 is Tax Dayhere's what it's like to do your own taxes for the very first time</a></p>
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