David Solomon, CEO of Goldman Sachs, during an interview for an episode of “The David Rubenstein Show: Peer-to-Peer Conversations” in New York on Aug. 6, 2024.<\/p>\n
Jeenah Moon | Bloomberg | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
Goldman Sachs<\/a><\/span><\/span><\/span> will post a roughly $400 million pretax hit to third-quarter results as the bank continues to unwind its ill-fated consumer business.<\/p>\n CEO David Solomon<\/a> said Monday at a conference that by unloading Goldman’s GM Card business, as well as a separate portfolio of loans, the bank would post a hit to revenues when it reports results next month.<\/p>\n It is the latest turbulence related to Solomon’s push into consumer retail. In late 2022, Goldman began to pivot away<\/a> from its nascent consumer operations, beginning a series<\/a> of write-downs related to selling chunks of the business. Goldman’s credit card business, in particular its Apple Card, allowed rapid growth in retail lending, but also led to losses<\/a> and friction with regulators.<\/p>\n