David Solomon, chief government officer of Goldman Sachs Group Inc., throughout a Bloomberg Tv on the Goldman Sachs Monetary Providers Convention in New York, US, on Tuesday, Dec. 6, 2022.
Michael Nagle | Bloomberg | Getty Photographs
Goldman Sachs stated Wednesday that it agreed to promote its fintech lending platform GreenSky to a gaggle of traders led by non-public fairness agency Sixth Road.
The deal, which features a e-book of loans created by Goldman, will lead to a 19 cents per share discount to third-quarter earnings, Goldman stated within the assertion. The New York-based financial institution is scheduled to reveal outcomes on Tuesday.
The transfer is the newest step CEO David Solomon has taken to retrench from his ill-fated push into client finance. Beneath Solomon’s path, Goldman acquired GreenSky final 12 months for $1.7 billion, overruling deputies who felt the house enchancment lender was a poor match. Months later, Solomon determined to hunt bids for the enterprise amid his broader transfer away from client finance. Goldman additionally bought a wealth administration enterprise and was reportedly in talks to dump its Apple Card operations.
“This transaction demonstrates our continued progress in narrowing the main focus of our client enterprise,” Solomon stated within the launch. The financial institution is now targeted on its core funding banking, buying and selling and asset and wealth administration operations, he added.
Learn extra: Goldman Sachs faces huge writedown on CEO David Solomon’s ill-fated GreenSky deal
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Goldman Sachs warns of hit to third-quarter earnings on deal to dump GreenSky
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