The firm announces a third reshuffle in almost as many years
it be? Goldman Sachs is supposed to employ the sharpest minds in finance. Traders on the other side of a deal shake in fear; bosses flock to its bankers for advice; investors hang on its analysts’ every word. In 2016, when Goldman launched its consumer business, it seemed only a matter of time before these masters of the universe mastered the pedestrian business of making loans to ordinary people.
The firm’s consumer bank was launched in 2016 by Lloyd Blankfein, Goldman’s previous boss, with a savings account called Marcus, after the firm’s founder. A more aggressive move into consumer lending then followed—led by David Solomon, the firm’s current boss—with a credit card offered in partnership with Apple. A comparison with JPMorgan’s lending business shows just how much of a money pit these businesses have become.
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