Goldman Sachs to post $400 million hit to third-quarter results as it unwinds consumer business

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In late 2022, Goldman Sachs began to pivot away from its consumer operations, beginning a series of writedowns related to selling chunks of the business.

Goldman Sachs will post a roughly $400 million pretax hit to third-quarter results as the bank continues to unwind its ill-fated consumer business.

CEO David Solomon said Monday at a conference that by unloading Goldman's GM Card business, as well as a separate portfolio of loans, the bank would post a hit to revenues next month. Solomon also said that trading revenue for the quarter was headed for a 10% decline because of a tough year-over-year comparison and difficult trading conditions in August for fixed-income markets.will post a roughly $400 million pretax hit to third-quarter results as the bank continues to unwind its ill-fated consumer business.

Goldman is instead focusing on asset and wealth management to help drive growth. The bank was in talks to sell the GM Card platform toSolomon also said Monday that trading revenue for the quarter was headed for a 10% decline because of a tough year-over-year comparison and difficult trading conditions in August for fixed-income markets.Celebrity News

 

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