David Solomon, CEO of Goldman Sachs Group, was interviewed on an episode of “The David Rubenstein Show: Peer-to-Peer Conversations” on Tuesday, August 6, 2024 in New York, USA.
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Goldman Sachs Third-quarter results will take a pre-tax hit of about $400 million as the bank continues to pare its ill-fated consumer business.
CEO David Solomon By spinning off Goldman Sachs’ General Motors card business and a separate loan portfolio, the bank will take a hit to revenue when it reports results next month, the bank said at a conference on Monday.
It’s the latest turmoil related to Salomon’s push into consumer retail. At the end of 2022, Goldman Sachs will begin its transformation leave Starting with its nascent consumer business series Writedowns related to the sale of a large portion of the business. Goldman Sachs’ credit card business, especially Apple Card, has driven the rapid growth of retail loans, but it has also led to the rapid growth of retail loans. loss and friction with regulators.
Goldman Sachs instead focused on asset and wealth management to help drive growth. The bank is in talks to sell its GM Card platform to barclays bankThe Wall Street Journal reported in April.
Solomon also said on Monday that trading revenue in the quarter is expected to fall 10% due to a tough year-on-year comparison and difficult trading conditions in the fixed-income market in August.
