Goldman Sachs reorganizing for greater transparency

Secrecy has lost its sex appeal on Wall Street — so Goldman Sachs is opening the kimono.

The notoriously tight-lipped banking giant said Tuesday it’s reorganizing its four business lines to be more transparent after a series of flubs that have caught investors by surprise — including an ugly loss last fall on an Uber trade.

The $80 billion firm said it’s rejiggering partly to highlight a budding consumer niche that includes the Apple Card and the Marcus retail banking operation, which generated $822 million, or 2.4%, of Goldman’s revenue in the year ended Sept. 30.

At the same time, Chief Executive David Solomon is scrapping its murky “Investing and Lending” unit — created by ex-CEO Lloyd Blankfein — which many analysts had viewed as a black box.

The unit, which Blankfein had formed after the financial crisis to be compliant with rules banning banks from prop trading, had detailed revenue extracted from Goldman’s own balance sheet across various business including corporate lending, private lending and private equity.

But Wall Street increasingly saw it as a de facto hedge fund — and a volatile one at that. Last year, the unit lost a bundle, partly because of a sizable stake in Uber that took a 40% hit.

“They were the last [big bank] still running an operation like that,” one hedge fund manager told The Post. “That’s not a good business anymore. I can see why Solomon is doing this.”

In a revamp to more closely resemble rivals like JPMorgan and Citigroup, Goldman will divvy its business into Investment Banking, Global Markets, Asset Management and Consumer & Wealth Management. Previously, its results were segmented into Investment Banking, Institutional Client Services, Investing & Lending and Investment Management.

“Today’s new [filing] shows that Goldman Sachs is revamping and doing so with more intensity than may be realized,” Wells Fargo analyst Mike Mayo wrote in a note.

In addition to shoring up Goldman’s sagging stock price, insiders say Solomon — Goldman’s head of investment banking before he was named CEO in October 2018 — is looking to hand more power to bankers including President and COO John Waldron, even as he thins the ranks of traders that had ballooned under Blankfein.

“Solomon and Waldron are giving the final orders here,” said one source close to the firm. “The traders that are left don’t run anything now.