Goldman Sachs Group Inc. disclosed losses for its platform solutions unit which houses some of its consumer-focused banking businesses for credit cards and lending, amid a build-up of loan loss reserves at the unit.
Platform Solutions is one of three major businesses that now comprise Goldman Sachs GS under a new structure at the bank. Reports surfaced in October that Goldman would reduce its main operating units to three from four. Previously, it reported four units: Investment Banking, Global Markets, Asset Management and Consumer & Wealth Management.
The firm’s new Platform Solutions unit houses its credit card businesses for Apple Inc. AAPL and General Motors Co. GM , as well as its consumer lending unit GreenSky.
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