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Goldman Sachs weighs strategic alternatives for consumer platforms

Feb 28, 2023
Illustration a diverse array of raised hands behind the Wall Street bull statue

Illustration: Sarah Grillo/Axios

Goldman Sachs is considering strategic alternatives for its consumer platforms business, CEO David Solomon said at the company's investor day presentation today.

Driving the news: Solomon's comments immediately put the spotlight on lender GreenSky and its card partnerships with GM and Apple, which sit inside the unit.

  • Goldman is pushing for profitability in that division, and it might ultimately decide to keep it intact. It could also seek a bank partner for some of its card partnerships.

Context: Goldman Sachs' consumer push has struggled, culminating with the bank's pullback from those efforts late last year.

  • The bank placed Marcus — which handles deposits — under its asset and wealth management business. The consumer platforms business, which focuses on B2B partnerships, was placed under platform solutions.

The bottom line: “We’ve significantly narrowed our ambitions for consumer strategy,” Solomon said this morning.

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