It’s tough out there for Goldman Sachs
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Goldman Sachs' Struggles with Building a Consumer Banking Franchise
This chapter explores the challenges faced by Goldman Sachs in building a consumer banking franchise called Marcus and the operational criticism faced by David Solomon, the CEO. It discusses the difficulties in competing with established banks, expensive funding, and underperforming loans. The chapter also examines how this venture highlighted the lack of stable businesses like wealth management and consumer banking at Goldman Sachs compared to its competitors.
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