Fed Concerned About Goldman Sachs' Consumer Unit
As it grew larger, the central bank reportedly worried that the investment bank did not have proper monitoring and control systems within its consumer unit, Marcus. The probe, which began as a standard review in 2021 and escalated into an investigation last year, also examines instances of customer harm and whether they were properly resolved.
Goldman Sachs Refuses to Comment on Fed Probe
A Goldman Sachs spokesperson told Reuters, "The Federal Reserve is our primary federal bank regulator, and we do not comment on the accuracy or inaccuracy of matters relating to discussions with them." This probe is the latest in a string of troubles for Goldman Sachs, which is currently focusing on its core trading and investment banking business after losing money in its consumer banking venture.