Goldman Sachs signals partial retreat from consumer banking

By KEN SWEET
AP Business Writer

NEW YORK (AP) — Goldman Sachs spent eight years attempting to expand its business beyond corporations and the wealthy. But in recent months, the storied investment bank 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. Last week, the bank disclosed that it had accumulated $3 billion in losses in its consumer banking franchise since 2020, mostly money set aside to cover potential loan losses in its Marcus personal loan business. The retreat comes as Goldman tries to refocus on its roots: advising corporations on deals, investing, and trading, and servicing the well-to-do. .