🦧 an expensive main street push

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

GS 0.00 XLF 0.00

💡 something im thinking about

dell aims to stop using chips made in china by '24 (click image)

that's all, folks 🐒

as always, i’m no financial advisor! (i’m no substitute for professional financial services)