Goldman says consumer-facing credit cards
never became 'meaningful' part of strategy
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[February 15, 2023]
(Reuters) -Goldman
Sachs Group Inc said on Wednesday a consumer-facing proprietary credit
card never became "a meaningful part" of the bank's strategy,
highlighting the Wall Street giant's retreat from its consumer banking
ambitions. |
The Goldman Sachs company logo is on the
floor of the New York Stock Exchange (NYSE) in New York City, U.S., July
13, 2021. REUTERS/Brendan McDermid |
The
emailed statement came after CNBC reported Goldman had dropped
plans to develop a branded credit card for retail customers,
citing people with knowledge of the matter.
Last month, Goldman said it was planning to stop making
unsecured consumer loans. The checking account launch for its
direct-to-consumer unit Marcus was also postponed.
After booking losses in its consumer business, Goldman Chief
Executive Officer David Solomon has been refocusing the bank's
resources on its core businesses of investment banking and
trading.
In October, the investment bank said its Marcus unit would be
absorbed into the wealth management unit as Goldman scales back
its consumer banking ambitions.
(Reporting by Anirban Chakroborti in Bengaluru; Editing by
Sherry Jacob-Phillips)
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