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Goldman Sachs Reports Loss for Platform Solutions Business

Goldman Sachs Group Inc disclosed a pretax loss of for its newly-created platform solutions business of $1.2 billion for the first nine months of 2022.

Goldman Sachs logo
Goldman Sachs logo

The business, which houses the U.S. bank's transaction banking, credit card, and financial technology businesses, also lost $1.05 billion in 2021 and $783 million in 2020.

Platform Solutions Business Posts Higher Revenue

The platform solutions business posted higher revenue for the first nine months but also recorded higher provisions for credit losses and operating expenses. In October, Goldman folded its consumer business, Marcus, into wealth management and created the platform solutions business, which included GreenSky, the fintech lender Goldman bought in a deal valued at $2.2 billion.

Goldman Sachs Reorganizes Businesses

The bank's three main businesses are now global banking and markets, asset and wealth management, and platform solutions. It will report fourth-quarter results on Tuesday. The disclosure did not provide separate numbers for its direct-to-consumer business, Marcus, which is under asset and wealth management.