The recovery from the pandemic-driven economic contraction has created two distinct groups: workers, companies and regions that are showing signs of coming out unscathed—or even stronger—and those that are struggling.

KEY TAKEAWAYS
1. The economic recovery is K-shaped.

Economists had predicted a V-shaped recovery—a rapid rebound from a steep fall—or a U-shaped path—a prolonged downturn before regaining ground. The actual recovery has been more like a K. On the upper arm of the K are well-educated and well-off people, those who can work from home, businesses tied to the digital economy or supplying domestic necessities, and regions such as tech-forward Western cities. On the lower arm are workers with lower wages and fewer credentials, old-line businesses and regions tied to tourism and public gatherings.

2. Those on the lower arm could be affected for years.

More jobs have been lost—nearly 11 million—than were cut in the wake of the 2007-09

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  • Goldman Sachs has shuffled its divisional setup, creating a new standalone consumer division that includes its Marcus lending unit, according to people with knowledge of the matter and internal memos seen by Business Insider. 
  • Strategy chief Stephanie Cohen and Tucker York, the head of the private-wealth business, will colead the new unit, according to the memos. The changes will go into effect January 1. 
  • The change eliminates the former Consumer and Investment Management Division, which held the consumer business and the asset-management unit known as Goldman Sachs Asset Management. 
  • The bank also created a new asset-management division, which will include GSAM and the merchant-banking business.
  • Visit Business Insider’s homepage for more stories.

Goldman Sachs has shuffled its divisional setup, creating a new standalone consumer division that includes its Marcus lending unit, as well as its wealth-management and private-banking businesses, according to people with knowledge of the matter and internal memos

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