Goldman to move into online consumer lending

New York

GOLDMAN SACHS has spent 146 years largely as the bank of the powerful and privileged. Now, the Wall Street powerhouse is working on a new business line: providing loans that can help you consolidate your credit card debt or remodel your kitchen.

While the new consumer lending unit is still in the early planning stages, Goldman has ambitious plans to offer loans of a few thousand dollars to ordinary Americans and compete with Main Street banks and other lenders.