Goldman Sachs, the Wall Street giant led by David Solomon, is reportedly facing a potential bloodbath in its Asset and Wealth Management unit, according to insider sources. A recent management reshuffle at the company saw the appointment of Will Bousquette, the former COO of global banking and markets, as the new COO of AWM. Bousquette takes over from Laurence Stein, a longtime partner at Goldman who is retiring after nearly three decades with the firm. Stein’s departure comes after clashes with Marc Nachmann, his boss who was brought in from the banking and markets division last year. Insider sources claim that Bousquette, like Nachmann, has a reputation for cutting costs. It is believed that Nachmann has been bringing in individuals from the banking and trading side to do his bidding.
Bousquette is expected to play a major role in determining the future of AWM as the leadership team considers potential redundancies within the merged division. Goldman Sachs has emphasized that AWM and asset management serve different client bases and that the merger was not aimed at cost-cutting. The spokesperson for the bank stated, “We are not merging them together to create cost efficiencies.” However, Solomon has given Nachmann the authority to make aggressive cuts within the unit
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