Goldman Sachs Chief Strategy Officer Carey Halio tells LananhTNguyen that Goldman is exploring 'strategic alternatives' for its consumer business after stumbles led to billions in losses. More from Investor Day 2023 here 👉
The consumer business that Solomon championed lost $3 billion in almost three years and its credit card business is being probed by regulators. Marcus's woes also weighed on fourth-quarter earnings, which fell well short of analyst expectations.
Company president John Waldron and Stephanie Cohen, global head of the Platform Solutions unit, echoed Solomon's comments about the bank's consumer business, signalling a further retreat from its Main Street ambitions.to break even on a pre-tax basis by 2025 after it lost $3 billion in nearly three years.
"Sometimes we fall short," Solomon told investors at the company's New York headquarters. "Sometimes we don't execute. But we always learn and adapt."Goldman shares fell 3.8% on Tuesday, trailing rivals. Some analysts blamed the lack of specificity about the bank's plans for the consumer business. Dan Dees, co-head of global banking and markets, said the division was targeting returns in the mid-teens and prioritizing financing across equities, fixed income, currency and commodities. The share of the financing had already grown to 22% of revenue last year from 12% in 2013.
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