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Goldman Sachs $GS *SIZE* ~ 900K shares at $323.44 ~ 46% of 30D Avg Vol #darkpool activity
By: FLOWrensics | June 2, 2023
• $GS SIZE #darkpool activity ~ 900K shares at $323.44 ~ 46% of 30D Avg Vol.
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Goldman Sachs (GS) Stronger bank, if they rotate this is one I'll be watching. 200D then 347.50 levels to watch to the upside
By: Options Mike | May 29, 2023
• $GS Stronger bank, if they rotate this is one I'll be watching. 200D then 347.50 levels to watch to the upside.
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Goldman Sachs Group, Inc. (GS) Surprisingly weaker than the $XLF, room to the 8/50D which are together
By: Options Mike | May 7, 2023
• $GS Surprisingly weaker than the $XLF, room to the 8/50D which are together.
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US Asset Management LLC Makes New Investment in The Goldman Sachs Group, Inc. (GS)
By: MarketBeat | May 2, 2023
• US Asset Management LLC bought a new position in The Goldman Sachs Group, Inc. (NYSE:GS) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 2,478 shares of the investment management company's stock, valued at approximately $851,000. The Goldman Sachs Group makes up approximately 0.9% of US Asset Management LLC's investment portfolio, making the stock its 28th biggest position...
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Goldman Sachs $GS is being investigated for any role it may have played in the collapse of Silicon Valley Bank $SIVB
By: Barchart | May 4, 2023
• Goldman Sachs $GS is being investigated for any role it may have played in the collapse of Silicon Valley Bank $SIVB
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Goldman Sachs will crash soon. Algorithm scam buys
Goldman Sachs Group, Inc. (GS) Breaking out on Friday, 10D next target
By: Options Mike | April 23, 2023
• $GS Breaking out on Friday, 10D next target.
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Goldman Sachs Global Treasurer & Chief Legal Officer cashed out 3.7M in shares this week
By: TrendSpider | April 22, 2023
• $GS Goldman Sachs Global Treasurer & Chief Legal Officer cashed out 3.7M in shares this week.
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Goldman Sachs profit falls in first quarter as dealmaking sputters
By: Investing.com | April 18, 2023
(Reuters) -Goldman Sachs Group Inc's first-quarter profit fell 19% as sluggish dealmaking eroded the Wall Street giant's fees from investment banking, while losses from the sale of some loans from its consumer unit, Marcus, weighed on the results.
Goldman booked a $470 million loss on the sale as the bank rejigs its strategy after a foray into consumer banking, which Chief Executive David Solomon had championed for years, flopped.
It is also exploring strategic options for its consumer platform business, which has lost about $3 billion in three years, executives told investors in February.
Goldman reshuffled its businesses last year, leaning into its traditional mainstays of trading and investment banking, beefing up its asset management arm and stepping back from its consumer aspirations.
"The events of the first quarter acted as another real-life stress test," CEO Solomon said in a statement.
Shares of the bank fell 3.6% to $327.65 in premarket trading. As of last close, they have lost nearly 3% since March 8 when Silicon Valley Bank unveiled its attempt to raise capital and triggered a meltdown in banking stocks.
Goldman's profit in the quarter ended Mar. 31 fell to $3.09 billion compared with $3.83 billion a year earlier, while earnings per share slid to $8.79 from $10.76 last year, it said on Tuesday.
Global mergers and acquisitions activity shrank to its lowest level in more than a decade in the first quarter of 2023, according to data from Dealogic. That hurt Goldman's investment banking fees by 26% to $1.58 billion.
Revenue from fixed income, currency and commodities (FICC) trading, usually a bright spot, fell 17% to $3.93 billion, while equity trading revenue fell 7% to $3.02 billion.
Peer JPMorgan Chase & Co (NYSE:JPM) had last week reported a 24% drop in investment banking revenue. Its fixed income trading revenue was flat, while equity trading revenue plunged 12%.
Goldman's net revenue in the quarter fell 5% to $12.22 billion.
Meanwhile, Bank of America Corp (NYSE:BAC)'s first-quarter profit beat market expectations as it collected hefty interest payments from customers, while the lender's traders extended their winning run.
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Large bond rate exposure! Fed keeps raising rates, value keeps dropping.
Goldman Sachs Printed a doji candle into previous support + the 200 day SMA ahead of Tuesday's earnings release...
By: TrendSpider | April 16, 2023
• $GS Printed a doji candle into previous support + the 200 day SMA ahead of Tuesday's earnings release...
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Earnings Preview: Goldman Sachs Group Inc. (NYSE: GS)
By: 24/7 Wall St. | April 14, 2023
• Here is a look at three financial services firms that will reveal first-quarter results first thing Tuesday.
Goldman Sachs
Goldman Sachs Group Inc. (NYSE: GS) has posted a 12-month share price increase of about 3.2%, turning around a 12-month drop of 5.2% at the end of the December quarter. Given the bank’s dependence on investment banking services for IPOs, mergers and acquisitions (of which there were few in the first quarter), the bank could take another hit to profits. Trading revenue is likely to be higher, but probably not high enough to cover the arid deal landscape.
Of the 25 analysts covering the firm, 16 have a rating of Buy or Strong Buy, and eight more have Hold ratings. At a share price of around $332.10, the upside potential based on a median price target of $390.00 is 17.4%. At the high price target of $460.00, the implied upside is 38.5%.
First-quarter revenue is forecast to come in at $12.66 billion, up 19.5% sequentially but a drop of 2.1% year over year. Adjusted EPS are forecast at $8.06, up 142.7% sequentially but down 33.0% year over year. The current estimates for the 2023 fiscal year call for revenue of $49.44 billion, up 4.4%, and EPS of $31.75, up 5.6%.
Goldman stock trades at 10.6 times expected 2023 EPS, 8.7 times estimated 2024 earnings of $38.60 and 8.0 times estimated 2025 earnings of $42.40 per share. The stock’s 52-week range is $277.84 to $389.58. Goldman pays an annual dividend of $10.00 (yield of 3.01%). Total shareholder return for the past 12 months was 7.62%.
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Today Goldman Sachs Group (GS) is the best performer in the DJIA
By: Thom Hartle | March 27, 2023
• Today (8:34 CST), the best performer in the $DJIA is Goldman Sachs Group.
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Goldman Sachs Opening shorter dated sweepers in to the 03/31 $312.50 CALLS ~ $981K premium
By: Money Flow Mel | March 24, 2023
• $GS Opening shorter dated sweepers in to the 03/31 $312.50 CALLS ~ $981K premium.
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GS LOOKING HORRIBLE:
GS CLOSED AT $303.54 -11.55 (-3.67%)
THIS STINK POS IS GOING SUB $200!!!!!
SEKK BEFORE ITS TOO LATE!!!!!!
GS BACK TO MARCH, 2021 LEVELS... DEAD MONEY FOR THE PAST 2 YEARS!!!!
WHAT A POS!!!!!!!!!
Goldman Sachs and JPMorgan Chase Stocks to Sell in March
By: Schaeffer's Investment Research | March 1, 2023
• Shares of Goldman Sachs and JPMorgan Chase tend to underperform in March
• Both equities are sporting attractively priced premiums
After a red-hot start to 2023, stocks took a step back in February. Looking ahead, investors will continue to look towards inflation data to gauge how the Federal Reserve will react. You can't count out seasonality, however, so we've compiled a list of the worst performing stocks for the month of March. Today, we're looking at Goldman Sachs Group Inc (NYSE:GS) and JPMorgan Chase & Co (NYSE:JPM) as two near-term selling ideas.
According to Schaeffer's Senior Quantitative Analyst Rocky White's list of 25 worst performing S&P 500 Index (SPX) stocks for March, Goldman Sachs is the worst performing bank stock for the month, when looking at data going back 10 years. JPMorgan Chase stock, meanwhile finds itself near the middle of the list.
According to White's data, GS finished the month lower eight times in the last decade, averaging a 3.7% loss. Meanwhile, JPM closed lower seven times, and averaged a loss of 2.6%.
Goldman Sachs stock just turned in its second monthly loss in three, a trend that has it contenting with its year-to-date breakeven mark. JPMorgan Chase stock is faring a bit better, up 6.2% in 2023. A floor has formed at the $138 level, which has saved multiple pullbacks over the last month, and JPM is trading above most significant moving averages.
Now could be an ideal time to weigh in on either security with options, as traders are pricing in low volatility expectations. This is per GS's Schaeffer's Volatility Index (SVI) of 24%, which stands in the 7th percentile of its annual range. JPM's SVI of 21% ranks in the extremely low 3rd percentile of annual readings.
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Goldman Sachs Group, Inc. (GS) Strong candle Friday, still holding above the 50D
By: Options Mike | February 26, 2023
• $GS Strong candle Friday, still holding above the 50D, trying to recapture the 8D..
On watch.
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Goldman expects $2.3 billion more in potential losses from legal disputes
By: Investing.com | February 24, 2023
(Reuters) -Goldman Sachs Group Inc is expecting to incur $2.3 billion more in potential losses from legal proceedings than the reserves it had set aside for such matters last year, a regulatory filing by the investment bank showed on Friday.
That was in line with what the bank had estimated at the end of its third quarter in September, but was higher than the $2 billion loss it projected in 2021.
Goldman has been a target of lawsuits ranging from its role in Malaysia's 1MDB sovereign wealth fund scandal to the collapse of Archegos Capital Management in 2021.
A long-running gender bias lawsuit alleging widespread bias against women in pay and promotions at the Wall Street bank is also expected to head to trial later this year.
Goldman Sachs (NYSE:GS) also said it is cooperating with the Consumer Financial Protection Bureau (CFPB) and other governmental bodies relating to investigations and inquiries concerning the bank's U.S. credit card account management practices.
In the last regulatory filing it had mentioned the CFPB probe, but the latest filing suggested other government bodies were also seeking inquiries. The company did not identify the other bodies.
Goldman also approved a $30-billion stock buyback program in February, it disclosed in the filing.
The disclosure comes ahead of a crucial investor day, where Chief Executive David Solomon is expected to present plans to reach key financial goals after some missteps that led Goldman to temper ambitions for its consumer banking unit Marcus.
Investment banks are hoping for a rebound in dealmaking in the second half of 2023 as the Federal Reserve eases off its rate-hike cycle, after a tough year when financing dried up and companies postponed plans for mergers and acquisitions.
Last month, Goldman said it was cutting around 3,200 jobs, which comprised 6% of its workforce in an attempt to cut costs.
Goldman's shares were down nearly 0.5% in premarket trading on Friday, in line with other major U.S. banks. They had gained nearly 11% in the past year.
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Cibc World Markets Corp Cuts Stock Position in The Goldman Sachs Group, Inc. (GS)
By: MarketBeat | February 21, 2023
• Cibc World Markets Corp lessened its stake in shares of The Goldman Sachs Group, Inc. (NYSE:GS) by 11.9% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 83,683 shares of the investment management company's stock after selling 11,309 shares during the period. Cibc World Markets Corp's holdings in The Goldman Sachs Group were worth $24,523,000 as of its most recent filing with the Securities & Exchange Commission...
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Short seller GS margin called and must comply with hard assets or gold and silver.
This Deep State scam of a Central Bank is coming apart and NO bailouts this time around.
This London owned Rothchild trash is doomed.
DETERIORATING FUNDAMENTAL DATA HAS BEEN POURING OUT FOR MONTHS BUT CRAZED HYENAS WERE TOO BUSY DEVOURING EVERY OFFER IN SIGHT TO PAY ATTENTION!!!!!!!!!
NOW ALL THAT TOXIC WASTE WILL BE PROJECTILE VOMITED ALL OVER THE MARKET!!!!!!!!!!
NO SYMPATHY FOR THEIR SELF INFLICTED SUFFERING!!!!!!!!!
WILL GOLDMAN SACHS RUN INTO SOLVENCY PROBLEMS WHEN THE STOCK MARKET CRASHES??????
Attractively Priced Goldman Sachs (GS) Stock for Options Bulls
By: Schaeffer's Investment Research | January 31, 2023
• Unwinding pessimism could give Goldman Sachs stock a boost?
• A round of upgrades could provide tailwinds as well
Bank name Goldman Sachs (NYSE:GS) is curling higher after pulling back to its 200-day EMA, which has been a significant pivot since the 2022 summer. The stock is also back above its 21-day EMA. Large put open interest at the 340-strike has been acting as support as well. Now, GS is sitting above the 350-strike, which could be a pivot level and eventually move into becoming an average true range (ATR) trigger point.
At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), GS’ 50-day put/call volume ratio of 1.26 ranks in the 79th percentile of its annual range – rolling over from all-time highs. Previous rollovers from this high have typically been bullish, and a continued unwinding of pessimism could give the shares a boost.
Now could be a good time to weigh in on the security's next move with options. The stock is seeing attractively priced premiums, per Goldman Sachs stock's Schaeffer's Volatility Index (SVI) of 23%, which sits in the low 5th percentile of its annual range.
Furthermore, the security's Schaeffer's Volatility Scorecard (SVS) sits at a relatively high 70 out of 100, meaning GS has exceeded option traders' volatility expectations during the past year.
There’s room for upgrades as well, as 12 of the 27 analysts in coverage carry a “hold” or worse rating on GS. Our recommended call option has a leverage ratio of 11.2, and will double on an 9.6% rise in the underlying shares.
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Goldman Sachs among investors interested in financing Italy's Serie A - sources
By: Investing.com | January 27, 2023
MILAN (Reuters) - Goldman Sachs (NYSE:GS) is one of various fund and bank investors that have expressed interest in financing the growth of the media business of Italy's top-flight soccer league, two people with knowledge of the matter said on Friday.
The two people said Goldman Sachs had come forward in October, but news of its interest emerged only after Reuters reported on Thursday rival U.S. bank JPMorgan (NYSE:JPM) had offered up to 1 billion euros ($1.1 billion) in financing to Serie A.
Bloomberg first reported news of Goldman's interest. Goldman did not immediately reply to a request for comment.
($1 = 0.9211 euros)
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Goldman Sachs Group Inc. entire trading floor gone!
There is no room for Wall Street crooks on the
all new QFS Peoples Market.
Say Good Bye Goldman Sachs.
Goldman Sachs Group, Inc. (GS) Bad earnings and Bad news.. Ugly
By: Options Mike | January 22, 2023
• $GS Bad earnings and Bad news.. Ugly.
100D has been support, held it Fridy, under 200D in play.
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Goldman Sachs Facing Federal Reserve Investigation
By: TrendSpider | January 20, 2023
• $GS Goldman Sachs Facing Federal Reserve Investigation.
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Goldman Sachs 4Q earnings fall far short of forecasts on big credit provision
By: Geoffrey Smith | January 17, 2023
Investing.com -- Goldman Sachs' (NYSE:GS) earnings per share plummeted in the final quarter of the year, coming in some 40% below analysts' expectations due to a sharp drop in revenue from asset and wealth management, as well as higher credit provisions and operating costs.
The numbers put the seal on a poor year for Wall Street's blue bloods, in which rising interest rates badly hurt their ability to generate fees from merger advisory work and capital markets.
Goldman said earnings per share totaled $3.32 in the quarter, down by two-thirds from a year earlier, and well below consensus forecasts of $5.56 a share. Revenue fell slightly short of expectations at $10.59 billion, down 16% from a year earlier, as its fees from asset and wealth management fell 27%. The bank's dealmakers and bond and currency traders both generated slightly more revenue than expected, but equities sales and trading fell short of consensus.
The bank also booked charges of $972M against potential losses on its credit card and its point-of-sale loan portfolios.
Goldman Sachs stock fell as much as 2% in premarket trading in response.
"The headline numbers are obviously ugly and will create knee-jerk weakness in the stock," said analysts at Vital Knowledge in a note to clients, although they added the bank's underlying performance may have been stronger than the headlines suggest. Some of the worst developments, including the writedown of equity and debt investments in the asset management business, are unlikely to be repeated, they noted. That could also be true for the provisions, given that the bank said in October it would scale down its efforts to grow the Marcus consumer banking business.
Goldman released figures last week showing that the Platform Solutions business, into which it has transferred much of Marcus' business, lost $1.2B in the first nine months of the year, taking total losses on consumer banking since $2016 to some $3B.
The group still managed to generate more capital last year than it paid out to shareholders, leaving plenty of room for further buybacks and dividends. The standardized core tier 1 capital ratio, a key measure of financial strength, rose by 80 basis points on the quarter to 15.1%, although its in-house CET1 ratio fell 20 basis points to 14.2%.
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Lowe Brockenbrough & Co. Inc. Sells 1,931 Shares of The Goldman Sachs Group, Inc. (GS)
By: MarketBeat | January 14, 2023
• Lowe Brockenbrough & Co. Inc. reduced its holdings in The Goldman Sachs Group, Inc. (NYSE:GS) by 7.1% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,258 shares of the investment management company's stock after selling 1,931 shares during the quarter. Lowe Brockenbrough & Co. Inc.'s holdings in The Goldman Sachs Group were worth $7,402,000 at the end of the most recent quarter...
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Earnings Preview: Goldman Sachs Group Inc. (NYSE: GS)
By: 24/7 Wall St. | January 13, 2023
• First thing Tuesday morning, two more big banks will report earnings along with a regional bank that serves the cryptocurrency sector.
Goldman Sachs
Goldman Sachs Group Inc. (NYSE: GS) has posted a 12-month share price decline of about 5.2%, far smaller than any of the nation’s other biggest banks.
Goldman started cutting what eventually will be a total of around 3,200 jobs last week. On Wednesday, the firings spread globally to Goldman offices from New York to Hong Kong. The bank has also revealed that it lost $1.2 billion in the first nine months of last year on its foray into consumer banking and $3 billion since the unit’s inception in 2020. The bank’s outlook may figure more heavily into how investors respond to earnings than do the quarterly numbers themselves.
Of the 24 analysts covering the stock, 14 have a rating of Buy or Strong Buy and nine more have Hold ratings. At a recent price of around $364.50 a share, the upside potential based on a median price target of $397.50 is 9.1%. At the high price target of $495.00, the implied upside is 35.8%.
Fourth-quarter revenue is forecast to come in at $10.91 billion, which would be a decline of 8.9% sequentially and a drop of 13.7% year over year. Adjusted EPS are forecast at $5.77, down 30.1% sequentially and by 87.3% year over year. The current estimates for the 2022 fiscal year call for revenue of $47.7 billion, down 19.6%, and EPS of $32.69, down 45%.
Goldman stock trades at 9.1 times expected 2022 EPS, 10.1 times estimated 2023 earnings of $36.17 and 8.9 times estimated 2024 earnings of $41.27 per share. The stock’s 52-week trading range is $277.84 to $396.87. Goldman pays an annual dividend of $10.00 (yield of 2.7%). Total shareholder return for the past 12 months was negative 3.88%.
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Goldman Sachs to cut about 3,200 jobs this week after cost review - Bloomberg News
By: Investing.com | January 8, 2023
(Corrects to clarify in the first paragraph that it's one of the biggest rounds of job cuts, and not the biggest)
(Reuters) - Goldman Sachs Group Inc (NYSE:GS) will start one of its biggest rounds of job cuts ever, as it locks in on a plan to eliminate about 3,200 positions this week, Bloomberg News reported on Sunday.
The financial services major is expected to begin the process mid-week and the total number of people affected will not exceed 3,200, the report said, citing a source.
(This story has been corrected to clarify in the first paragraph that it's one of the biggest rounds of job cuts, and not the biggest)
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The Goldman Sachs (GS) PT Lowered to $356.00 at Morgan Stanley to Buy
By: MarketBeat | January 6, 2023
• The Goldman Sachs Group (NYSE:GS) had its target price lowered by analysts at Morgan Stanley from $384.00 to $356.00 in a research report issued to clients and investors on Friday, The Fly reports. Morgan Stanley's target price would suggest a potential upside of 3.56% from the stock's current price...
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The Goldman Sachs Group (GS) Stock Rating Lowered by Wolfe Research
By: MarketBeat | January 3, 2023
• The Goldman Sachs Group (NYSE:GS) was downgraded by equities research analysts at Wolfe Research from an "outperform" rating to a "peer perform" rating in a report released on Wednesday, The Fly reports...
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The Goldman Sachs Group, Inc. (GS) Sees Large Drop in Short Interest
By: MarketBeat | January 2, 2023
• The Goldman Sachs Group, Inc. (NYSE:GS) saw a significant decrease in short interest in December. As of December 15th, there was short interest totalling 4,820,000 shares, a decrease of 23.5% from the November 30th total of 6,300,000 shares. Based on an average trading volume of 2,390,000 shares, the short-interest ratio is presently 2.0 days. Currently, 1.4% of the company's stock are sold short...
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Goldman Sachs Group, Inc. (GS) 21D next target to the upside and 200D to the downside
By: Options Mike | January 2, 2023
• $GS after a big more it came back down to earth a bit. 8D is resistance and the 100D support right now.
Watch for a break of one. 21D next target to the upside and 200D to the downside.
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Goldman Sachs CEO David Solomon said today that $GS is currently working on a fresh round of job cuts that will be unveiled in the coming weeks
By: The Transcript | December 29, 2022
• $GS CEO: "We are conducting a careful review & while discussions are still ongoing, we anticipate our headcount reduction will take place in the first half of January...For our leadership team, the focus is on preparing the firm to weather these headwinds"
Goldman Sachs CEO David Solomon said today that $GS is currently working on a fresh round of job cuts that will be unveiled in the coming weeks - Bloomberg
— Evan (@StockMKTNewz) December 29, 2022
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Goldman Sachs Group Receives Average Recommendation of "Hold" from Brokerages
By: MarketBeat | December 17, 2022
• Shares of The Goldman Sachs Group, Inc. (NYSE:GS) have been assigned a consensus rating of "Hold" from the eighteen brokerages that are presently covering the company, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $403.44...
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The Goldman Sachs Group, Inc. (GS) Director Goldman Sachs Group Inc Sells 147,816 Shares
By: MarketBeat | December 14, 2022
• The Goldman Sachs Group, Inc. (NYSE:GS) Director Goldman Sachs Group Inc sold 147,816 shares of the business's stock in a transaction that occurred on Monday, December 12th. The shares were sold at an average price of $22.20, for a total value of $3,281,515.20. Following the completion of the sale, the director now owns 1,070,982 shares of the company's stock, valued at approximately $23,775,800.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink...
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The Goldman Sachs Group (GS) Price Target Raised to $400.00
By: MarketBeat | December 14, 2022
• The Goldman Sachs Group (NYSE:GS) had its price target increased by equities researchers at Wells Fargo & Company from $380.00 to $400.00 in a note issued to investors on Wednesday, The Fly reports. Wells Fargo & Company's target price indicates a potential upside of 8.49% from the stock's previous close...
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THIS LOOKS GOOD ON GS... LAYING OFF 4,000 SWINDLERS!!!!!!
I HOPE THESE SCUMBAGS GO INSOLVENT!!!!
SHORT THIS CRAP INTO OBLIVION!!!!!!!
Goldman Sachs to lay off up to 4,000 people -Semafor
By: Investing.com | December 16, 2022
(Reuters) -Goldman Sachs Group Inc will lay off up to 4,000 people as the Wall Street bank struggles to meet profitability targets, news platform Semafor reported on Friday, citing people familiar with the matter.
Managers across the firm have been asked to identify low performers for what could be a cut of up to 8% to its workforce early next year, the people said, with some cautioning that no final list has been drawn up, according to the report.
Goldman Sachs (NYSE:GS) did not immediately respond to a Reuters request for comment.
The bank said in September it was planning to cut jobs, after pausing the annual practice for two years during the pandemic, a source familiar with the matter told Reuters at the time.
Goldman's headcount swelled to over 49,000 at the end of September, up 14% from a year earlier. The investment bank had first warned in July it might slow hiring and cut expenses.
Global banks, including Morgan Stanley (NYSE:MS) and Citigroup Inc (NYSE:C), have reduced their workforce in recent months as a dealmaking boom on Wall Street has fizzled out due to high interest rates and soaring inflation.
Investment bankers were awash with deals in 2021, but have seen few this year as companies halt buyouts and listings amid volatility in capital markets, tensions between the United States and China and the Russia-Ukraine war.
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Goldman Sachs to stop making unsecured consumer loans - source
By: Investing.com | December 12, 2022
NEW YORK (Reuters) - Goldman Sachs Group Inc (NYSE:GS) plans to stop originating unsecured consumer loans, a source familiar with the move told Reuters on Monday, in another sign the bank is stepping back from its consumer business.
The move came after Goldman signaled it was scaling back its ambitions for Marcus, the loss-making consumer unit, in October. Marcus was moved into the bank’s wealth management arm as part of a reorganization of the company's main business units.
The move on unsecured loans, which was first reported by Bloomberg on Monday, was reported alongside news that the bank plans to cut at least a few hundred more jobs, citing people familiar with the matter.
A Goldman Sachs spokesperson declined to comment.
The company might prune headcount if the business environment becomes tougher, Chief Executive Officer David Solomon said in an interview on Bloomberg TV last week.
The firm cut around 500 jobs in September, an early signal to Wall Street that economic conditions were worsening.
Goldman launched Marcus in 2016 as an online platform offering personal loans and savings accounts to retail clients. While Marcus was launched to woo mass market customers, it struggled to gain traction or introduce a checking account.
The business attracted $110 billion in deposits, made about $19 billion in loans and had more than 15 million active customers, according to the company’s third quarter earnings. The online savings account offers an interest rate of 3%, according to Marcus' website.Goldman will also stop beta testing for its checking account among employees, the source said. But the savings account will continue to exist because it is an important source of funding for the firm, the source added.
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