Bank
Goldman Sachs signals partial retreat from consumer banking
10 days ago | By Chron
NEW YORK - Goldman Sachs no longer wants to be the bank for everyone.
The storied investment bank spent eight years attempting to expand its business beyond corporations and the wealthy. But in recent months, Goldman has signaled a partial retreat from those efforts by scrapping plans for a checking account broadly available to the public and mothballing its personal loan business. A popular savings account and a credit card business survive for now.
Last week, the bank disclosed that it had accumulated $3 billion in losses in its consumer banking franchise since 2020, mostly money set...
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