Goldman Sachs reviews loss for its $1.2 billion financial solutions subsidiary

(Reuters) – Goldman Sachs on Friday revised the pre-tax loss on its newly created financial solutions subsidiary to $1.2 billion (1.1 billion euros) for the first nine months of 2022, it said. indicated the bank in a financial notice.

That figure comes on top of a loss of $1.05 billion charged in 2021 and $783 million in 2020, according to the revised numbers.

The financial solutions subsidiary of the American bank combines transactions banking, credit cards and financial technology activities.

In a major restructuring in October, Goldman Sachs bundled its consumer banking business Marcus into wealth management and created a financial solutions subsidiary, which includes GreenSky, the “fintech” the bank acquired in September for 2 .2 billion.

(Report by Niket Nishant and Saeed Azhar; Blandine Hénault for the French version, editing by Kate Entringer)