Goldman Sachs Platform Solutions Business Lost $3 Billion in Nearly Three Years
NEW YORK—Goldman Sachs Group Inc. lost $3.03 billion in nearly three years on its platform solutions business that houses transaction banking, credit card and financial technology businesses.
This is the first time that Goldman has given a detailed look into the financials for the consumer and fintech arms that were intended to diversify the Wall Street firm’s operations away from its traditional mainstays of trading and dealmaking.
The company disclosed a pretax loss for its newly-created platform solutions business of $1.2 billion for the first nine months of 2022.
The unit also lost $1.05 billion in 2021 and $783 million in 2020.
The disclosure did not provide separate numbers for its direct-to-consumer business, Marcus, which was moved into its asset and wealth management arm….