Solomon told deputies that if Goldman was going to be in the consumer business, it needed to go big. It was in the process of making a massive acquisition and was courting new credit-card partners. In the fall of 2021, Goldman was forging ahead with plans to expand the consumer business. Executives in trading and investment banking, Goldman’s traditional powerhouses, groused about the money-losing consumer endeavors. Engineering hires wooed from Silicon Valley grumbled about a stuffy culture. The split will effectively bring an end to Goldman’s once-grand plan to be a bank for the masses-an experiment it began about a decade ago as a way to build something different after the global financial crisis. The tech giant recently sent a proposal to Goldman that would pull the plug on their credit-card partnership, the crown jewel of the business. Goldman has known for a while that consumer lending wasn’t really working out, and the bank has been looking for the exits.
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