Goldman Sachs Group Inc's Chief Executive David Solomon said the bank is considering 'strategic alternatives' for its consumer business after stumbles led to billions of dollars in losses.
"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 is realizing that it lacks the potential to reach scale in some parts of its consumer strategy," said Mark Narron, an analyst at Fitch Ratings. "Although it’s unclear which specific assets could be targeted for divestiture, the leading consumer lenders or card issuers would be the obvious potential buyers," he said.Goldman shares fell 2.75% on Tuesday, trailing rival big U.S. banks. Some analysts blamed the lack of clarity around plans for the consumer business.
After cutting 3,200 jobs this year, Goldman has stopped filling vacancies as employees leave, focusing instead on strategic hires, its finance chief Denis Coleman said. Those measures should reduce payroll costs by $600 million.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
USD/JPY: The Yen weakness to stay limited – Goldman SachsEconomists at Goldman Sachs outlined their view on the Japanese Yen, in the face of the incoming Bank of Japan (BoJ) Governor Kazuo Ueda and hawskish
Read more »
Home prices set for double-digit plunge in major Western US cities: Goldman SachsCities that experienced a housing boom during the COVID-19 pandemic are due for setbacks.
Read more »
Goldman Sachs bankers bristle at CEO David Solomon’s pay ahead of yearly ‘Investor Day’As David Solomon lays out his vision for the Wall Street giant at the Tuesday shindig, many are still chafing over their disappointing year-end payouts — and fixing the blame on their part-ti…
Read more »
Goldman Sachs boss David Solomon warns the inflation fight is far from overGoldman Sachs boss David Solomon warns the fight against inflation is nowhere near over – because the US jobs market still looks so strong
Read more »
Goldman Sachs CEO says having 'very tight' job market makes cooling inflation 'very hard'Goldman Sachs’ CEO, David Solomon, offered insights on the labor market and efforts to cool inflation in the U.S during a recent podcast episode put out by his company.
Read more »
Oil: Brent seen at $90/Bbl in Q2 2023 – Goldman SachsAnalysts at Goldman Sachs said in their latest oil price outlook, they see Brent to average at $90/barrel (Bbl) in Q2 2023 as against the previous for
Read more »