By John Hugh DeMastri
Daily Caller News Foundation
Goldman Sachs lost just over $3 billion on its consumer credit and consumer technology unit from 2020 through the third quarter of 2022, according to a regulatory filing revealed Friday.
WND is now on Trump's Truth Social! Follow us @WNDNews
The newly released financial information shows the extent of Goldman Sachs’ struggle to enter Main Street, with its consumer-lending arm Marcus failing to turn a profit at any point, despite a major push that involved a 2019 partnership with Apple to offer credit cards, the WSJ reported. The company’s Platform Solutions department, which manages credit cards and other transaction banking services, posted a roughly $1.2 billion loss in the first nine months of 2022, accelerating from yearly losses of $783 million in 2020 and just over $1 billion in 2021, according to Goldman Sachs.
The regulatory filing, posted one week before its scheduled quarterly report, is the first that breaks the firm into its Global Banking & Markets, Asset & Wealth Management and Platform Solutions divisions, following an October restructuring, according to Bloomberg. The Platform Solutions department was originally supposed to break even at the end of 2022, but following the restructuring is now set to break even by the end of 2025, Bloomberg reported, citing anonymous sources familiar with the company.
Previous financial reports had shown just $1.3 billion in losses in its consumer-banking division since the middle of 2019, Bloomberg reported. The filing, which retroactively reports on the newly formed division, provides a clearer picture of just how significantly the remaining portions of Goldman’s consumer-lending division were holding back the firm’s profits.
The company’s transaction-banking department is likely the only profitable part of its Platform Services department, Bloomberg reported. The company lost roughly $1 billion on its Apple Card venture in 2021, and lost $2 billion on Apple cards and installment-lending platform GreenSky.
The firm cut roughly 3,000 employees on Wednesday, its most aggressive layoff since 2008, amid declining revenue following a blockbuster 2021. The company had previously cut roughly 500 employees following the reinstatement of performance reviews that were suspended amid the onset of the COVID-19 pandemic and the boom in mergers and acquisitions that soon followed.
Goldman Sachs declined to provide a more detailed breakdown of the performance of its various divisions to the Daily Caller News Foundation.
This story originally was published by the Daily Caller News Foundation.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.
EDITOR’S NOTE: The “Climate Change Cult.” The “Anti-Racism Cult.” The “Cult of Wokeness.” The “LGBTQ Cult” and its predatory offspring targeting America’s children, the “Transgender Cult.” The “Cult of Abortion.” The “COVID Cult.” The “Cult of Globalism.” “TikTok Cults.” Every month the list grows.
To right-thinking Americans attempting to make sense of a nation seemingly gone mad, it’s becoming increasingly clear that the irrational, deranged – and often demonic – leftwing political and cultural movements currently capturing the minds of millions of Americans are nothing short of full-fledged cults.
Although the high priesthood of all these leftwing religious cults – i.e., university professors, academics and other Marxist ideologues and activists – may be true believers, the people actually wielding REAL POWER do not believe any of it. To them, these leftwing cults conveniently serve to disguise and distract “the rabble” from what the leader class is REALLY up to, which is the pursuit of ever more power, wealth and glory for themselves, and a total transformation of America and the world.
All of this and much more is explored in a powerful, insightful and absolutely unique way in the latest issue of WND’s acclaimed monthly Whistleblower magazine, titled “HOLY WAR: Defeating the growing cult of leftism and its total war on Christianity.”
SUPPORT TRUTHFUL JOURNALISM. MAKE A DONATION TO THE NONPROFIT WND NEWS CENTER. THANK YOU!
The post Major banker takes billion-dollar hit in just 9 months appeared first on WND.
