FT News Briefing Goldman’s big bet
Mar 1, 2023
Goldman Sachs is shifting focus to asset management, aiming to recover from past consumer banking missteps. Meanwhile, Nigeria is grappling with controversy after its presidential election results sparked allegations of fraud, leading to calls for a rerun. In a twist of luxury, a £250 million mansion tied to the Saudi royal family is on the market, raising questions about ownership transparency amid political intrigue. These topics highlight the intertwining of finance, politics, and elite real estate.
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Goldman Sachs's Consumer Banking Misstep
- Goldman Sachs's CEO admitted a mistake venturing into consumer banking.
- He's now exploring "strategic alternatives" for parts of this division.
Goldman Sachs's Consumer Banking Losses
- Goldman Sachs's consumer banking division has become problematic due to high losses.
- These losses stem from expensive consumer loans and regulatory provisions.
Goldman Sachs's Restructuring Plans
- Goldman Sachs plans to retain and diminish its online retail bank, Marcus.
- Other consumer businesses like credit card partnerships and point-of-sale lending might be sold.