Goldman Sachs Group Inc said on Wednesday a consumer-facing proprietary credit card never became 'a meaningful part' of the bank's strategy, highlighting the Wall Street giant's retreat from its consumer banking ambitions.
The Goldman Sachs company logo is on the floor of the New York Stock Exchange in New York City, U.S., July 13, 2021. REUTERS/Brendan McDermidsaid on Wednesday a consumer-facing proprietary credit card never became "a meaningful part" of the bank's strategy, highlighting the Wall Street giant's retreat from its consumer banking ambitions.Goldman had dropped plans to develop a branded credit card for retail customers, citing people with knowledge of the matter.
After booking losses in its consumer business, Goldman Chief Executive Officer David Solomon has been refocusing the bank's resources on its core businesses of investment banking and trading. In October, the investment bank said its Marcus unit would be absorbed into the wealth management unit as Goldman scales back its consumer banking ambitions.
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