Goldman Sachs

Three months after Goldman Sachs Group Inc. carved out a new division to house what's left of its once-ambitious foray on Main Street, ...

Goldman Sachs Group Inc lost $3.03 billion in nearly three years on its platform solutions business that houses transaction banking, credit card and ...

That would reflect a decline of 45% from $3.94 billion net profit in the same period a year earlier. Register for free to Reuters and know the full story The platform solutions arm posted higher revenue for the first nine months, but also recorded higher provisions for credit losses and operating expenses. The company disclosed a pretax loss for its newly-created platform solutions business of $1.2 billion for the first nine months of 2022. 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's operations away from its traditional mainstays of trading and dealmaking. [(GS.N)](https://www.reuters.com/companies/GS.N) lost $3.03 billion in nearly three years on its platform solutions business that houses transaction banking, credit card and financial technology businesses.

Global investment bank Goldman Sachs began job cuts that are expected to affect more than 3200 employees or about 6.5 per cent of its workforce.

I come from a rural family so it has been one roller coaster of a journey, overcoming social and financial restrictions to come here,” Soni wrote in her LinkedIn Post. Of course, I am also grateful to my amazing family for taking this so peacefully and sportingly,” he posted. Corporate Chat India tweeted from its handle that there is “scary stuff at Goldman Sachs India as employees are being asked to go to a conference room, told that they’re laid off and asked to leave immediately without being allowed to go back to their desk”.

In its most detailed information to date about losses involved in its push into consumer banking, Goldman has republished the last three years of its financial ...

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Goldman Sachs Group Inc. said a big chunk of its consumer lending business lost slightly more than $3 billion since 2020, revealing for the first time the ...

Some pieces, including its credit-card partnerships with Apple and General Motors Co., as well as specialty lender GreenSky, is moving into a new unit called Platform Solutions.\n\nGoldman on Friday disclosed that its Platform Solutions unit lost $1.2 billion in the nine months that ended in September 2022. The bank in October announced a sweeping reorganization that combined its flagship investment-banking and trading businesses into one unit, while merging asset and wealth management into another.\n\nMarcus, Goldman’s consumer-banking arm, launched in 2016 to a strong start, rolling out savings accounts, personal loans and credit cards. signaled its ambitions to be a big player in the business.\n\nBut the unit was never profitable, and Goldman has scaled back its plan to bank the masses.\n\nThe October reshuffling parceled out the consumer business to different parts of the bank.

Goldman Sachs has begun its latest rounds of layoffs. As part of its cost cutting drive, Goldman Sachs Layoffs 2023 have impacted around 3000 people.

As part of its cost cutting drive, [Goldman Sachs Layoffs](/topic/goldman-sachs-layoffs)2023 have impacted around 3,000 people. Goldman Sachs layoffs have been said to be the largest of tis kind in the banking industry. As part of its cost cutting drive, Goldman Sachs Layoffs 2023 have impacted around 3,000 people.

The investment bank made its first disclosure of results in the segment, which had been a focus of the firm.

Goldman Sachs shed more than 3000 employees this week -- but some insiders claim the bank has a plan that will soon raise that number to 4000.

Goldman’s effort to nudge people out the door isn’t a new concept. Traders also are facing [ cuts to their bonus pools](https://www.bloomberg.com/news/articles/2022-12-02/goldman-jolts-traders-with-bonus-cut-warning-after-bumper-haul) even though the global markets division brought in $25 billion in 2022 — a 15% increase in revenue from 2021, Bloomberg reported. Bonuses often account for most of a Wall Street banker’s yearly compensation, and are expected to take a dramatic hit this year industrywide. The plan already appears to be working. they’re not going to go zero but they might do substantially less to encourage someone to leave,” John Breault, CEO of recruiting firm Breault & Smith, told The Post. When the bloodbath came to a head on Wednesday, however, sources said no more than 3,200 got pink slips.

Goldman Sachs will take a big hit from its ill-fated move into consumer banking, even as its other businesses weaken amid an economic slowdown.

And with bonuses shrinking [as much as 50 percent](https://www.nytimes.com/2022/12/23/business/wall-street-bonuses.html) across Wall Street as a result of the downturn in trading and investment banking activities, the incentives to remain are fewer. Solomon was determined to issue a decree to employees to return to the office, five days a week, according to two people with knowledge of the matter. In its early stages, the business ran largely independently of Goldman’s operations, and its managers had the freedom to develop its customer base and technology offerings. For instance, the bank’s move into consumer banking in 2016, with offerings of high-interest-rate checking accounts and a luxury-oriented credit card, happened under Mr. Solomon’s pay rose to $39.5 million in 2021, the most recent year for which data is available, from $24.7 million in 2019, his first full year on the job. And in the early part of the coronavirus pandemic, volatile markets (which help trading) and government bailouts and easy monetary policy (which encouraged consumer spending and corporate activity) enabled many to turn record profits. Its main trading and banking businesses made nearly $12 billion, while the asset management business eked out a $1.3 billion profit. [departures of top executives](https://www.nytimes.com/2021/03/05/business/goldman-sachs-partner-exits.html), some of whom were frustrated with Mr. In sales and trading, Goldman’s revenue last quarter shrank roughly twice as fast as that of its peers, according to estimates from Credit Suisse. The combination of high interest rates and fast inflation has hit Goldman especially hard because of the slowdown in its most profitable businesses. A second part of the consumer business — including a credit card partnership with Apple — was folded into a newly created unit. It is typically expressed as the annual change in prices for everyday goods and services such as food, furniture, apparel, transportation and toys.

Hello, it's Crystal Tse in New York, chatting with Goldman Sachs's Cosmo Roe about all things beauty, personal care and dealmaking.

Hello, it’s Crystal Tse in New York, chatting with Goldman Sachs’s Cosmo Roe about all things beauty, personal care and dealmaking. [dealmaking](https://www.bloomberg.com/news/articles/2022-11-15/estee-lauder-agrees-to-pay-2-8-bilion-for-tom-ford?sref=mlIbpReW) with regard to beauty, skincare and fragrances. I caught up with Cosmo Roe, a Goldman Sachs partner focused on personal care and consumer products M&A.

Goldman Sachs' newly-created "Platform Solutions" unit, which houses the firm's fintech, credit card and transaction banking operations, made a pre-tax loss ...

In contrast to the Platform Solutions unit, the investment banking and trading division made a pre-tax profit of $11.9 billion for the first nine months of the year. Goldman Sachs' newly-created "Platform Solutions" unit, which houses the firm's fintech, credit card and transaction banking operations, made a pre-tax loss of $1.2 billion in the first nine months of 2022. The division, which was created as part of a major reorganisation at the bank last year, also reported a $1.05 billion loss for 2021 and $783 million for 2020.

Goldman Sachs Investment Strategy Group expects U.S. equities to generate positive returns for investors in 2023 even if the economy enters a recession, ...

They said there is a "fog of uncertainty still facing investors", but overall the outlook seems more positive for both equities and bonds. equity returns exceed those of a recession this year," Chief Investment Officer Sharmin Mossavar-Rahmani and her team said in the report, adding investors are better off staying the course and even considering increasing their exposure to stocks if they weaken further. If it occurs but recedes soon, investors may still have high single-digit returns. A diversified portfolio of stocks and bonds is likely to generate a 9% return this year if a recession is avoided, Goldman said. Stock prices could initially fall in 2023 but recover before year-end, the bank's analysts said, adding that equities historically have tended to bottom three months before the end of recessions. Last year, the S&P fell 19.4% in its worst year since 2008, reflecting higher interest rates and recession fears.