Goldman Sachs weighs strategic alternatives for consumer platforms
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.