Goldman Sachs under CEO David Solomon has taken an aggressive approach to revamping its operations, with a large focus on bolstering its wealth management business — and it’s resulted in a transformation of the financial services giant, according to news reports.

The company signaled a massive shift in how it wants to be seen by investors back in January 2020, when it announced the formation of a new division that includes both its wealth management and private banking business as well as the firm’s consumer banking operations. It appointed strategy chief Stephanie Cohen and Tucker York, the head of the private-wealth business, to oversee the new division, Business Insider writes.

But there have been even more changes under Solomon, who took over as CEO in 2018, according to the publication. That includes reducing the number of partners at the firm from 484 in 2018 to 440, Business Insider writes, citing the firm’s newest partner additions. The move was meant to make the status appear more exclusive, according to the publication.

At the same time, Goldman saw the departures of several key executives in recent months, including Omer Ismail and David Stark, who played major roles on Goldman’s Marcus consumer banking platform, according to the publication. The pair left for retail behemoth Walmart for its recently announced financial technology startup. In February, Goldman unveiled its low-minimum digital wealth management platform, Marcus Invest.

Sources tell Business Insider that Marcus was seeing high turnover as a result of Goldman’s demanding culture, but a Goldman spokesperson tells the publication that the firm plans to hire 200 to 300 new engineers.

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