Market conditions are harsh, and the volatility across assets has many companies rethinking their business strategy. Companies are becoming more critical of unprofitable parts of their business. Goldman Sachs (NYSE: GS) is the latest example.

In its third-quarter earnings call, Goldman Sachs announced it would be scaling back its consumer products. These products would drive Goldman's next growth phase -- but became a money pit for the firm instead. For Goldman Sachs, now is the time to reorganize and focus on its more profitable products. Here's what it means for the stock.

Traditionally, Goldman Sachs has relied on investment banking, helping companies raise money through initial public offerings (IPOs), debt offerings, or advising companies on mergers and acquisitions (M&A).

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Source Fool.com