Goldman Sachs’ shopper banking unit is being reviewed by way of the Federal Reserve, Bloomberg Legislation reported on Friday, bringing up folks acquainted with the subject.
Goldman’s control has been subjected to questions and follow-ups from the central financial institution’s officers for a number of weeks, the document stated, including that the method used to be nonetheless ongoing.
Goldman Sachs and the Fed declined to remark.
Goldman leader govt officer David Solomon has sought to scale back the financial institution’s reliance on risky buying and selling and funding banking by way of moving focal point to its shopper financial institution.
Inner projections on the financial institution display its shopper unit, Marcus, will document losses of greater than $1.2 billion this 12 months, Bloomberg Information reported in June.
Marcus used to be introduced in 2016 and used to be at the start anticipated to make earnings in 2021, however the price of making an investment in new merchandise and acquisitions derailed the ones projections.
