Goldman Sachs has launched a new unit to help it expand further in the fast growing world of private credit. The investment bank said Monday it had combined three businesses within its global banking and markets unit to create the new Capital Solutions Group,

Chairman & CEO David Solomon calls private credit's growth “one of the most important structural trends taking place in finance.”

Goldman Sachs has announced a raft of leadership changes after creating a new division, which will focus on financing large deals and providing loans to corporate clients, according to an internal memo seen by Reuters on Monday.