Goldman Sachs consumer banking unit under Fed scrutiny - Bloomberg Law
Reuters
Published Sep 16, 2022 10:30AM ET
Updated Sep 16, 2022 11:36AM ET
(Reuters) - Goldman Sachs Group Inc (NYSE:GS)'s consumer banking unit is being reviewed by the Federal Reserve, Bloomberg Law reported on Friday, citing people familiar with the matter.
Goldman's management has been subjected to questions and follow-ups from the central bank's officials for several weeks, the report said, 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.
Internal projections at the bank show its consumer unit, Marcus, will record losses of more than $1.2 billion this year, Bloomberg News reported in June.
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.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.