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Goldman Sachs is ushering in a new generation of leaders, in a major realignment of the Wall Street bank.

The firm will appoint new global heads for its equities, fixed income and banking businesses, along with a leadership reshuffle at its international unit, Goldman said on Tuesday.

The changes underscore Goldman’s effort to refresh its leadership chair and position itself for future challenges, as the firm navigates shifting market dynamics while hoping to leverage a era of deregulation under the Trump administration.

Erdit Hoxha, Cyril Goddeeris and Dmitri Potishko will manage the equities division. Kunal Shah, Anshul Sehgal and Jason Brauth will head the fixed income unit. Meanwhile, Kim Posnett, Matt McClure and Anthony Gutman have been tapped to oversee the investment banking franchise.

In a significant transition, Shah and Gutman will also assume the roles of co-chief executives of Goldman Sachs International. They replace Richard Gnodde, a 64-year-old banking veteran who stepped down after leading the international business for more than a decade. Gnodde will take over the position of vice-chair.

“This group of leaders represents the best of our culture of excellence, client service and teamwork. They have made outstanding contributions throughout their careers to our client franchise, operations and market-leading positions in our business,” said chief executive David Solomon.

This is a developing story