Goldman Sachs Group Inc. is establishing a group that would pitch "out-of-the box" M&A ideas to large conglomerates, as part of its efforts to boost its investment banking business, Reuters reported, citing "people familiar with the matter."

The group is expected to serve the likes of Berkshire Hathaway Inc., which invests in businesses across sectors. Internally known as the Innovation Lab, it will be headed by Brian DeCenzo and James Morris. The duo earlier worked as part of the company's financial sponsors group, helping private equity firms identify deal opportunities, according to the report.