Chief executive David Solomon Chief executive David Solomon unveiled plans to scale back its “Main Street” banking ambitions unveiled plans to scale back its “Main Street” banking ambitionsDavid Solomon, chief executive officer of Goldman Sachs & Co, speaks during the Global Financial Leaders' Investment Summit in Hong Kong, China, in November.
Goldman is also planning to stop offering personal loans through its Marcus-branded retail banking platform, the people added. Personal loans, primarily for debt consolidation, were one of the first consumer products launched by Goldman in 2016. After years of losses and escalating costs, Solomon announced in October that Goldman would significantly pare back the company’s retail banking business. Its Marcus division will still accept retail deposits, which offer a relatively cheap source of funding for the bank.
The job cuts would be in addition to the annual cull of underperforming employees that Goldman typically conducts each year. The exact number of cuts in the consumer unit is still being decided, the people said.
IrishTimes Bucking the trend Goldman will be awarding huge bonuses to their Fine Gael division.