Goldman Sachs’ money-losing consumer unit facing Fed scrutiny: report

Gunnar Larson g at xny.io
Fri Sep 16 09:44:04 PDT 2022 

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BUSINESS <https://nypost.com/business/>
Goldman Sachs’ money-losing consumer unit facing Fed scrutiny: report

By Reuters

September 16, 2022 | 11:32am

Goldman Sachs’ consumer banking unit is being reviewed by the Federal
Reserve, Bloomberg Law reported on Friday, citing people familiar with the
matter.
MORE ON:GOLDMAN SACHS <https://nypost.com/tag/goldman-sachs/>

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Goldman’s management has been subjected to questions and follow-ups from
the central bank’s officials for several weeks, the report said
<https://bit.ly/3BJcc1i>, adding that the process was still ongoing.

Goldman Sachs and the Fed declined to comment.

Goldman chief executive officer David Solomon has sought to reduce the
bank’s reliance on volatile trading and investment banking by shifting
focus to its consumer bank
<https://nypost.com/2022/08/04/goldman-sachs-discloses-probe-into-us-credit-card-division/>
.

Internal projections at the bank show its consumer unit, Marcus, will
record losses of more than $1.2 billion this year
<https://nypost.com/2022/06/28/goldman-sachs-warns-of-1-2b-loss-from-consumer-unit-report/>,
Bloomberg News
reported in June.
[image: Goldman CEO David Solomon]
<https://nypost.com/wp-content/uploads/sites/2/2022/09/david-solomon-goldman.jpg>Goldman
CEO David Solomon has sought to reduce the bank’s reliance on volatile
trading and investment banking by shifting focus to its consumer bank.
REUTERS

Marcus was launched in 2016 and was originally expected to make profits in
2021, but the cost of investing in new products and acquisitions derailed
those projections.
FILED UNDER BANKS <https://nypost.com/tag/banks/> ,  DAVID SOLOMON
<https://nypost.com/tag/david-solomon/> ,  FEDERAL RESERVE
<https://nypost.com/tag/federal-reserve/> ,  GOLDMAN SACHS
<https://nypost.com/tag/goldman-sachs/> ,  WALL STREET
<https://nypost.com/tag/wall-street/> ,  9/16/22
<https://nypost.com/2022/09/16/>
<https://dynamic-cdn.spot.im/yad/optout.html>
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