{"id":1805997,"date":"2023-01-15T06:21:43","date_gmt":"2023-01-15T11:21:43","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1805997"},"modified":"2023-01-15T06:26:02","modified_gmt":"2023-01-15T11:26:02","slug":"goldman-sachs-platform-solutions-business-lost-3-billion-in-nearly-three-years","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/goldman-sachs-platform-solutions-business-lost-3-billion-in-nearly-three-years\/","title":{"rendered":"Goldman Sachs Platform Solutions Business Lost $3 Billion in Nearly Three Years"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fgoldman-sachs-platform-solutions-business-lost-3-billion-in-nearly-three-years%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1805997&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<p>NEW YORK\u2014<a href=\"https:\/\/www.theepochtimes.com\/t-goldman-sachs\">Goldman Sachs<\/a> Group Inc. lost nearly $3.03 billion over three years. <a href=\"https:\/\/www.theepochtimes.com\/t-platform\">Platform<\/a> Solutions business that houses financial technology, transaction banking and credit card businesses.<\/p>\n<p>This is the first time that Goldman has given a detailed look into the financials for the consumer and fintech arms that were intended to diversify the Wall Street firm\u2019s operations away from its traditional mainstays of trading and dealmaking.<\/p>\n<p>For the first nine months in 2022, the company reported a pretax loss of $1.2 billion on its platform solutions business.<\/p>\n<p>In 2021, the unit lost $1.05 Billion and in 2020 it lost $783 M.<\/p>\n<p>The disclosure did not include separate numbers for Marcus&#8217; direct-to-consumer division, which was moved to its asset and wealth management unit.<\/p>\n<figure id=\"attachment_4983889\" class=\"wp-caption alignnone\"><a href=\"https:\/\/img.theepochtimes.com\/assets\/uploads\/2023\/01\/13\/Goldman-Sachs-logo-2-1200x800.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"lazy size-medium wp-image-4983889\" src=\"https:\/\/www.theepochtimes.com\/assets\/themes\/eet\/images\/white.png\" data-src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/Goldman-Sachs-logo-2-600x400-1.jpg\" alt=\"Goldman Sachs logo\" width=\"600\" height=\"400\"   style=\"display:none\"><figcaption class=\"wp-caption-text\"><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-4983889\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/01\/Goldman-Sachs-logo-2-600x400-1.jpg\" alt=\"Goldman Sachs logo\" width=\"600\" height=\"400\" \/><\/noscript><\/figcaption><\/a> The logo for Goldman Sachs, New York Stock Exchange (NYSE), in New York on November 17, 2021. (Andrew Kelly\/Reuters)<\/figure>\n<p>Marcus also lost money and did not open a checking account. According to Reuters, Swati Bhatia was the leader of the group and resigned earlier in this month.<\/p>\n<p>Goldman will also cease issuing unsecured consumer loans. A source close to the matter told Reuters last month that this was another indication it is closing down the business.<\/p>\n<p>The platform solutions arm saw higher revenue in the first nine months but also had higher provision for credit losses and operating costs.<\/p>\n<p>\u201cAs had been widely expected, the new segment for Platform Solutions is operating at a net loss on a quarterly basis,\u201d Daniel Fannon, an analyst at Jefferies, said this in a note.<\/p>\n<p>Goldman, in October, merged Marcus into wealth management, and created platform solutions that included GreenSky (the fintech lender Goldman purchased in a deal worth $2.2 billion).<\/p>\n<p>In response to those changes, the bank reorganized itself into three major units: global banks and markets, asset management, wealth management, platform solutions.<\/p>\n<p>According to analysts at Refinitiv Eikon, Goldman Sachs will report a net profit in the fourth quarter of $2.16billion on Tuesday. This would be a drop of 45 percent from the $3.94 trillion net profit for the same period last year.<\/p>\n<p><em>By Saeed Azhar &#038; Niket Nishant<\/em><\/p>\n<div class=\"author_wrapper\">\n<div class=\"one_author_block round\">\n<div class=\"top_row\">\n\t\t\t\t\t<a href=\"https:\/\/www.theepochtimes.com\/author-reuters\"><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/10\/reuters-logo-.jpg\" alt=\"Reuters\" \/><\/a>\n\t\t\t\t\t<\/div>\n<\/p><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>NEW YORK\u2014Goldman Sachs Group Inc. lost nearly $3.03 billion over three years. Platform Solutions business that houses financial technology, transaction banking and credit card businesses. This is the first time that Goldman has given a detailed look into the financials for the consumer and fintech arms that were intended to diversify the Wall Street firm\u2019s &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1806000,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[547],"tags":[5458,4284,9678,5987,3987,3819,9679,14921],"class_list":["post-1805997","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-bongino","tag-business","tag-goldman","tag-lost","tag-platform","tag-report","tag-sachs","tag-solutions"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1805997","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1805997"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1805997\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1806000"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1805997"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1805997"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1805997"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}