Goldman Sachs Group Inc unveiled details about its consumer business for the fir...
) unveiled details about its consumer business for the first time on Tuesday and will start disclosing its results regularly as part of a broader reporting-line shuffle, responding to long-standing requests for more transparency from analysts and investors. The changes are part of Chief Executive Officer David Solomon’s effort to get Goldman in line with rivals like JPMorgan Chase & Co that have bigger consumer businesses and share more information with investors.
Since Goldman launched the online retail bank in 2016, analysts have repeatedly asked for more details about its credit quality and growth on earnings calls. Goldman set aside $302 million for potential consumer credit losses in the first nine months of 2019, compared with $338 million for 2018 and $123 million in 2017, according to its 8-K filing with the U.S. Securities and Exchange Commission.
Its new consumer reporting line will include details about not only Marcus, but wealth management — another area the bank is trying to expand. Goldman already has a sizable private bank that caters to the ultra-rich, but wants to start offering more services to individuals with fewer assets as well.
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