American investment bank Goldman Sachs is restructuring its business lines, resulting in changes in its leadership ranks.

The bank’s merchant banking and asset management businesses will be consolidated into a new division. Eric Lane and Julian Salisbury will be in charge of the unit.

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Lane is the global co-head of the bank’s consumer and investment management arm, while Salisbury is the global head of merchant banking.

The bank has also merged the private wealth and consumer businesses.

The merged unit will be led by the head of wealth management Tucker York and chief strategy officer Stephanie Cohen.

Cohen will be replaced by Russ Hutchinson, head of financial institutions M&A in the Americas.

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Harit Talwar will quit as the global head of Marcus consumer banking arm and will now chair Marcus.

Omer Ismail will now become the new global head of Marcus.

Developments at Goldman Sachs

In a key development recently, Malaysian authorities withdrew criminal charges against three subsidiaries of Goldman Sachs for their role in the 1MDB Malaysian state fund scandal.

This happened after Goldman Sachs finalised a $3.9bn agreement with the Malaysian government to settle 1MDB-linked allegations.

Last month, Goldman Sachs appointed Mathew McDermott as its new global head of digital assets as it eyes the development of its own fiat-tied token.

This July, a report unveiled that the bank will revamp its employee performance review system to make it more transparent.

The move is expected to result in more lay-offs in 2021.

In May this year, Goldman Sachs slowed down hiring plans for its private wealth management unit and delayed the roll-out of its digital wealth management platform due to Covid-19.