‘A Strategic and Financial Fail:’ How Goldman Sachs Fumbled Its Consumer Bet | WSJ

When Goldman Sachs entered the credit card space in 2019 with a partnership with Apple, many consumer banks were concerned that a new competitor had emerged. But just four years later, the firm is pulling back. The banking giant’s move from Wall Street to Main Street came at a time when Goldman wanted to diversify its funding sources. It introduced a high-yield savings account with Marcus and rolled out personal loans. But what was the turning point that led them to start to retreat from this space?

WSJ explains why Goldman Sachs entered consumer finance and what the firm pulling back means for the company as a whole.

0:00 Goldman Sachs isn’t used to failing
0:20 Entering the consumer space
2:22 Acceleration of consumer finance efforts
3:32 Turning point
4:55 Goldman’s retreat

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