The development was first revealed in a tweet by the publication’s senior correspondent, Charles Gasparino, saying that sources told him Goldman Sachs’ “weakening biz model” would “force a merger.”
The report highlights that the need for Goldman to grow, particularly as the coronavirus has largely shut down deal-making, has prompted a new round of speculation that the investment bank might merge with a big commercial bank, such as Wells Fargo, or even PNC Bank.