Goldman Sachs Group Inc’s Chief Executive David Solomon told investors the bank is considering “strategic alternatives” for its consumer arm, raising prospects for a potential sale after the business lost billions of dollars. | Reuters
“We would like to see the sale or de-risking of the card and merchant point-of-sale units to a new buyer or majority-controlled partner,” Kenneth Leon, research director at CFRA Research, wrote in a note.
“It makes sense that they would want to investigate all alternatives given the near-term drag on profitability these businesses are creating for the firm,” said David Fanger, an analyst Moody’s Investors Service. Cohen said she expected Platform Solutions to break even on a pre-tax basis by 2025 after it lost $3 billion in nearly three years.
“Sometimes we fall short,” Solomon told investors at the company’s New York headquarters. “Sometimes we don’t execute. But we always learn and adapt.”Goldman shares fell 3.8 percent on Tuesday, trailing rivals. Some analysts blamed the lack of specificity about the bank’s plans for the consumer business.
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