Goldman Sachs platform solutions business lost US$1.2b in 9-months

GOLDMAN Sachs Group disclosed a pretax loss for its newly-created platform solutions business of US$1.2 billion for the first nine months of 2022, the bank said in a regulatory filing on Friday (Jan 13).

Goldman said the business, which houses the US bank’s transaction banking, credit card and financial technology businesses, also lost US$1.05 billion in 2021 and US$783 million in 2020.

The platform solutions business posted higher revenue for the first nine months, but also recorded higher provisions for credit losses and operating expenses.

In October, Goldman folded its consumer business, Marcus, into wealth management and created the platform solutions business, which included GreenSky, the fintech lender Goldman bought in a deal valued at US$2.2 billion.

The bank’s three main businesses are now global banking and markets, asset and wealth management, and platform solutions. It will report fourth-quarter results on Tuesday.

The disclosure did not provide separate numbers for its direct-to-consumer business, Marcus, which is under asset and wealth management. REUTERS