Goldman Sachs Group Inc.’s newly formed Platform Solutions division, which wrapped up its consumer businesses, posted a pre-tax loss of more than $1.2 billion in the first nine months of 2022. The company had once had ambitions to move into the consumer market, but its ambitions faded, dismantling its consumer-facing divisions and consolidating the remaining businesses into them.
Goldman Sachs restructures again, merges investment banking and trading
Goldman Sachs said in a regulatory filing Thursday that its platform solutions division has been losing more money each quarter.
The company will announce its financial results for the fourth quarter of last year (October to December) on the 17th. The announcement of January-September figures on the 13th has implications for preparation. The numbers also highlight how a foray into the consumer business has weighed on Goldman’s profits.
From the beginning of 2020 to September 2022, the sector’s pre-tax deficit was $3 billion. Add the fourth quarter numbers to that and it approaches $4 billion over three years. The deficit for the full year 2022 was $2 billion due to higher loan loss reserves, said a person familiar with the matter.
Original title:Goldman Lost $1.2 Billion in Just Nine Months in Newest Division(excerpt)
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