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IPFS News Link • Economy - Economics USA

Goldman Suddenly Turns Cautious On Consumer Lending, Cuts Loan-Origination Targets

• https://www.zerohedge.com, by Tyler Durden

The bank has reportedly cut its loan-originations target for its Marcus unit, according to Bloomberg, citing people familiar with the matter who requested anonymity. 

Goldman Sachs leaders including new Chief Executive Officer David Solomon have made Marcus a pillar of their plan to boost revenue over the next several years. The unit has grown quickly -- lending more than $4 billion in under two years -- prompting questions from analysts and investors on how the portfolio will perform in a downturn when more consumers have trouble paying off debt. -Bloomberg

Many have wondered if Goldman has been operating too far outside of its wheelhouse, as Marcus "represents a major departure" from the bank's traditional investment bank and trading business. Goldman execs, meanwhile, have relied on new technology to turn "unsecured personal loans into a math problem.


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