On Tuesday, Goldman Sachs Group Inc (NYSE: GS) informed that it was reorganising its business into three units. The Wall Street giant undertook another overhaul in less than three years and reported a drop in third-quarter profit.
Profit applicable to common shareholders fell to USD2.96 billion, or USD8.25 per share, in the quarter that ended Sept. 30, from USD 5.28 billion, or USD 14.93 per share, a year ago.

According to the data, Analysts had expected a profit of USD 7.69 per share; It was not immediately clear if the reported numbers were comparable to estimates. In just two years, it is the biggest shakeup by the interment bank and outlined plans for dour core units: Global market, Investment banking, asset management, and consumer and wealth management.

The reshuffle arrives as the Wall Street titan seeks to boost its income from fee-based businesses when climbing interest rates have dented valuations and deal-making. The overhaul follows a round of worldwide job cuts in September that could have affected hundreds of bankers.

The move also comes as the bank is rounding out a mixed quarter for big US banks, in which slowing economic growth and choppy capital markets weakened investment banking. However, climbing borrowing costs boosted net interest income to cushion the blow.

Dealmaking slowed in the quarter, casting a pall over some of Goldman’s most high profit-yielding businesses. Total revenue fell 12 per cent to USD 11.98 billion in the quarter. In the face of aggressive Federal Reserve rate increases and the Russia-Ukraine War, investors boosted trading activity, assisting the banks’ fixed income, currency, and commodities divisions.