Goldman Sachs revises loss for its financial solutions subsidiary to $1.2 billion

Jan 13 (Reuters) – Goldman Sachs on Friday revised the pre-tax loss on its newly created financial solutions subsidiary to $1.2 billion (€1.1 billion) for the first nine months of 2022 , the bank said 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)