Goldman Sachs Is Shutting Down Marcus Personal Loans: 4 Stocks That Stand to Benefit
The black sheep among big banks this earnings season was definitely Goldman Sachs (NYSE: GS). The Wall Street bank saw its earnings plunge last quarter, as its core investment-banking business ground to a halt amid historically weak numbers of initial public offerings and mergers. Also, trading gains declined along with falling debt and equity markets.
In order to diversify away from the volatile investment banking and trading arms, Goldman has tried to cultivate its own consumer banking division under its Marcus brand. Begun six years ago, Marcus offers high-yield deposit accounts, credit cards, and personal loans.
But the consumer banking division hasn't been successful, having lost more than $3 billion since December 2020. In the fourth quarter, Goldman's consumer bank logged another $778 million in operating losses. For all of 2022, the red ink totaled nearly $2 billion.
Source Fool.com
