Some Goldman Sachs execs want company to shed all consumer finance ops - report
Michael M. Santiago

Some senior Goldman Sachs (NYSE:GS) executives are urging the Wall Street titan to completely pull out of consumer finance, rather than just scale back its Main Street-focused business, according to a media report.
Specifically, many Goldman (GS) executives want to shed the Apple (NASDAQ:AAPL) credit card and related financial offerings as well as the General Motors (GM) credit card business, the Wall Street Journal reported, citing people familiar with the matter. The company hasn't made a decision. The publication had previously reported that the bank was in talks with American Express (AXP) to take over the Apple Card and other ventures.

Exiting those segments would effectively end its foray into consumer finance. Last week, Goldman (GS) said it agreed to sell its GreenSky lending platform to an investor group led by Sixth Street Partners, taking a big loss on the deal. Goldman had acquired GreenSky in 2022 for ~$2.24B in stock and is reportedly selling it for ~$500M.
Regarding the Apple (AAPL) business, one idea being discussed is shifting more of the partnership over to Apple. Goldman senior executives say that option isn't being considered, the WSJ
said.



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