Solomon Says Goldman Pushed Too Quickly Into Consumer Banking

24
Comment
Favorite

Solomon Says Goldman Pushed Too Quickly Into Consumer Banking

Bloomberg2023-01-18

Goldman Sachs Group Inc. was overly aggressive in pushing into the consumer space, doing “too much, too quickly,” which contributed to worse-than-expected fourth-quarter earnings, Chief Executive ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment

KYBoo
·2023-01-18
Hh
Reply
2
Report
Fold Replies
- KYBoo:
  hh
  2023-01-18
  Reply
  Report

Most Discussed

7x24

All

Terms and Conditions·Privacy Policy

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email：uservice@ttm.financial

{"i18n":{"language":"en_US"},"data":{"share":"https://ttm.financial/m/news/1106837306?lang=en_US&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2023-01-18 22:15","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"1106837306","market":"us","top_or_hot":-1,"title":"Solomon Says Goldman Pushed Too Quickly Into Consumer Banking","media":"Bloomberg","content":"<div>\n<p>Goldman Sachs Group Inc. was overly aggressive in pushing into the consumer space, doing “too much, too quickly,” which contributed to worse-than-expected fourth-quarter earnings, Chief Executive ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-01-18/solomon-says-goldman-pushed-too-quickly-into-consumer-banking?srnd=markets-vp\">Source Link</a>\n\n</div>\n","source":"lsy1584095487587","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Solomon Says Goldman Pushed Too Quickly Into Consumer Banking</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSolomon Says Goldman Pushed Too Quickly Into Consumer Banking\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-01-18 22:15 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2023-01-18/solomon-says-goldman-pushed-too-quickly-into-consumer-banking?srnd=markets-vp><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Goldman Sachs Group Inc. was overly aggressive in pushing into the consumer space, doing “too much, too quickly,” which contributed to worse-than-expected fourth-quarter earnings, Chief Executive ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2023-01-18/solomon-says-goldman-pushed-too-quickly-into-consumer-banking?srnd=markets-vp\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"GS","symbol_name":"高盛","start_time":0,"source_url":"https://www.bloomberg.com/news/articles/2023-01-18/solomon-says-goldman-pushed-too-quickly-into-consumer-banking?srnd=markets-vp","article_id":"1106837306","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1106837306","pubTimestamp":1674051324,"sourceInfo":{"source_id":"lsy1584095487587","name":"Bloomberg"},"weMediaInfo":null,"summary":"Goldman Sachs Group Inc. was overly aggressive in pushing into the consumer space, doing “too much, ","collect":0,"end_time":0,"defaultTopTitle":"bloomberg.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"GS":"高盛"},"translate_title":"所罗门说，高盛进入消费者银行业务的速度太快了","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"GS":0.9},"content_text":"Goldman Sachs Group Inc. was overly aggressive in pushing into the consumer space, doing “too much, too quickly,” which contributed to worse-than-expected fourth-quarter earnings, Chief Executive Officer David Solomon said.“We obviously had a disappointing quarter and we tried to own that upfront,” Solomon said in a CNBC interview Wednesday at the World Economic Forum in Davos, Switzerland.The investment-banking giant poured billions of dollars into its retail effort, which includes the Apple Card and specialty-lending platform GreenSky. That operation, which posted revenue of $513 million for the quarter, has racked up $3.8 billion in pretax losses over the past three years. Goldman on Tuesday reported a bigger increase in expenses than analysts expected as compensation costs surged 16% from a year earlier to $3.8 billion.Despite its missteps, New York-based Goldman “did some things right” in the consumer business, Solomon said. “We now have a very good deposits business,” he said, and the partnership with Apple Inc. is “an interesting opportunity to experiment and try different things.”The bank’s return on equity for 2022 fell to 10.2%, below the 14%-to-16% target it set for itself earlier in the year. The firm’s shares slumped 6.4% on Tuesday, their biggest decline in a year.Solomon also said in the interview that he’s hearing more indication that the economy may be able to dodge the recession that had been widely predicted.“The sentiment is softening a little bit, and the view of the chance of a softer landing both in the US and Europe is actually increasing,” he said.","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[{"id":9956534749,"gmtCreate":1674051975082,"gmtModify":1676538920521,"author":{"id":"3581501341719005","authorId":"3581501341719005","name":"KYBoo","avatar":"https://static.tigerbbs.com/43072e3bdf1be8a6c0fb9e0d7c8a0558","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Hh","listText":"Hh","text":"Hh","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9956534749","repostId":1106837306,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":105600274,"gmtCreate":1674051981906,"gmtModify":1674051994871,"authorId":3581501341719005,"author":{"id":3581501341719005,"authorId":3581501341719005,"name":"KYBoo","avatar":"https://static.tigerbbs.com/43072e3bdf1be8a6c0fb9e0d7c8a0558","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":9956534749,"type":1,"supId":0,"prevId":0,"content":"<u>hh</u>","text":"<u>hh</u>","html":"<u>hh</u>"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":24,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}