NEW YORK: Goldman Sachs reported lower first-quarter earnings on Monday on weakness in its traditional trading business as it emphasises newer consumer-oriented ventures, including a credit card that will be launched with Apple.
A bright spot was financial advising for mergers and acquisitions where it scored a boost in revenues, while underwriting revenues fell. Marcus offers personal loans and has attracted deposits by paying much higher interest rates than rival banks. The bank hopes to lure in users who will evolve into long-term customers who can help drive profitability.sentifi.com"We look for markets that are big where we don't need to capture commanding market share to be relevant," said Chief Financial Officer Stephen Scherr.
Goldman currently provides wealth management services to 60 of the Fortune 100, but only 220 of the top 1,000. The larger pool opens a much larger group of the"mass affluent business," executives said.
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