UPDATE 1-Goldman Sachs shakes up business units ahead of quarterly results

(Adds analyst comment, adds background)

Jan 7 (Reuters) - Goldman Sachs Group Inc has overhauled its main business units ahead of its quarterly results next week, the Wall Street bank said on Tuesday, as it seeks to provide investors with greater transparency into its financial performance.

The latest changes are part of a broader strategic overhaul under Chief Executive Officer David Solomon, who is looking to build a bigger consumer business to shield revenue from wild swings in financial markets that have pressured its trading arm.

The bank said it would report its future earnings, starting with the latest December quarter, under the newly named units - investment banking, global markets, asset management and consumer & wealth management.

Goldman renamed its institutional client services business as global markets, while investment management will now be called asset management. The bank is also doing away with its investing and lending unit, it said in a regulatory filing.

It added a new consumer and wealth management segment that includes management and other fees related to managing assets, providing investing and wealth advisory services. (https://bit.ly/39IGu45)

"The new reporting structure appears more centered around its different client segments and should help drive increased accountability in how it executes on its relatively new strategy," Barclays analyst Jason Goldberg said.

"The biggest changes appears to be the elimination of 'Investing & Lending', an area that investors viewed as a low multiple business. Those revenue sources were divided up across its new business units," he added.

Earlier in November, Reuters reported the bank may move away from its earlier goal of finding $5 billion in fresh annual revenue by 2020 to focus on new targets including a broad efficiency ratio and profitability measures.

Goldman is expected to unveil the new targets and metrics in January at its first-ever investor day on Jan. 29. It is expected to report fourth-quarter results on Jan. 15. (Reporting by Abhishek Manikandan in Bengaluru; Editing by Sriraj Kalluvila and Saumyadeb Chakrabarty)