Goldman Sachs Group Inc. said a big chunk of its consumer lending business lost slightly more than $3 billion since 2020, revealing for the first time the costly toll of the Wall Street giant’s Main Street push, the Wall Street Journal reported. Ahead of fourth-quarter earnings, scheduled to publish next week, Goldman released financial information that reflects its new reporting structure. The bank in October announced a sweeping reorganization that combined its flagship investment-banking and trading businesses into one unit, while merging asset and wealth management into another. Marcus, Goldman’s consumer-banking arm, launched in 2016 to a strong start, rolling out savings accounts, personal loans and credit cards. Its 2019 credit-card partnership with Apple Inc. signaled its ambitions to be a big player in the business. But the unit was never profitable, and Goldman has scaled back its plan to bank the masses. The October reshuffling parceled out the consumer business to different parts of the bank. Before the shift, it was under the same umbrella as Goldman’s wealth-management division.
