goldman sachs lost $3b since ‘20
in its consumer lending business, that is
goldman sachs launched marcus in 2016 (savings accounts, personal loans, credit cards, etc.) in an effort to expand its business and customer base beyond institutional clients
much of the loss ($783m in '20 and $1b in '21) comes from credit losses
things changed…
gs executives this summer were piloting a checking account program for its employees, believing that it would unlock new revenue opportunities
per wsj, now though, gs is planning to wind down personal loans and its pilot checking account programs
marcus is a huge attempt at the consumer market done by one of the biggest wall st banks and has been closely watched by competing banks
imo: major banks like BAC 0.00 and WFC 0.00 have clear separation of its businesses and have fairly well running consumer arms – goldman will likely take marcus as its first trial and come back in the near future with another attempt at capturing the consumer markets
💡 something im thinking about
dell aims to stop using chips made in china by '24 (click image)
that's all, folks 🐒
