Goldman Sachs CEO Solomon is undoing some of his biggest moves in major bank shake-up

According to people familiar with the matter, the Wall Street giant will combine its asset management and private wealth businesses again. Goldman's investment-banking and trading operations will be run by three people. There will be a break up of the consumer unit.

Solomon had planned to separate the asset management and wealth business from the bank two years ago, but now he is reversing that decision. He was hesitant to combine investment banking and trading into one group as the firm looked to talk up other fee-based businesses.

The retail banking dreams that he had spelled out in his early days as CEO have been cut short by the dissolution of the direct-to- consumer efforts. The people asked not to be identified discussing information that is not yet public, said that the business that deals with corporate partners would be called Platform Solutions.

GreenSky, which it bought last year, and its credit-card ventures and transaction banking were previously part of the investment-banking group. The other part of the retail-banking unit that dealt with consumers under the Marcus brand will be pushed into the wealth business.

The moves were not commented on by a Goldman spokesman.

The current heads of the asset management business will lose their division leadership roles. Salisbury will take the title of chief investment officer in order to return to a sales focused role. Tucker York will run the business again.

Since Solomon took the top job, Nachmann has held leadership roles in each of Goldman's money-making groups. He was the co-head of the trading group.

Changes to the banking and trading business are expected to be minimal with the remaining slate of leaders taking over. A shift to showcase the relative strength of that business compared with peers on Wall Street is behind the combination.

The new Platform Solutions business is the only one that is expected to post losses for the near future and the management team has debated whether to disclose the scale of those losses and break-even expectations to investors.

Goldman is expected to show a decline in revenue in the third quarter. Goldman's profits will fall by more than 40%, according to analysts.

The Wall Street Journal reported on the break up of the bank's divisions.

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