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    Home»Business»Goldman Sachs consumer banking unit facing Fed scrutiny: report
    Business

    Goldman Sachs consumer banking unit facing Fed scrutiny: report

    By September 18, 2022No Comments1 Min Read
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    Goldman Sachs consumer banking unit facing Fed scrutiny: report
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    Goldman Sachs consumer banking unit facing Fed scrutiny: report


    Goldman Sachs’ 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. 

    Goldman CEO David Solomon
    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.



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