Goldman Sachs has reorganized its business around two core segments: global banking and markets, or GBM, and asset and wealth management, or AWM. The move reflects a push away from consumer banking, which looks appropriate after years of costly losses. Goldman is leaning into its role as a leading global investment bank, deepening its relationships with large clients and widening its base of recurring, fee-based revenue to help mitigate the cyclicality inherent in its core business lines. We take a positive view of the pivot, which leverages Goldman's marquee brand and trading prowess while offering increasing exposure to the attractive wealth management business.