The U.S. Federal Reserve is studying compliance, audit and legal functions at Marcus, Goldman's consumer banking business, The WSJ reported.
The U.S. Federal Reserve is inquiring into whether Goldman Sachs Group Inc. installed proper safeguards in place as it stepped up its consumer lending in recent years as part of a broad push into the retail banking sectors, The Wall Street Journal reported Friday.
Citing people familiar with the situation, the Journal reported that the Fed is investigating whether Goldman Sachs GS conducted the correct amount of oversight at Marcus, its consumer brand. The reports came a week after Goldman disclosed $2 billion in losses since 2020 in its platform solutions unit, which includes its credit card businesses for Apple Inc. AAPL, 1.89% and General Motors Co. GM, 0.22%, as well as its consumer lending unit GreenSky.
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