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(Reuters) – Goldman Sachs Group Inc (GS.N) said its newly created platform solutions business had posted a pre-tax loss of $1.2 billion in the first nine months of 2022. clarified.
Goldman said the business that houses the U.S. bank’s transaction banking, credit card and financial technology businesses also lost $1.05 billion in 2021 and $783 million in 2020.
The Platform Solutions business posted higher earnings in the first nine months, but also increased provisions for bad debt and operating expenses.
In October, Goldman merged consumer business Marcus into wealth management and launched a platform solutions business that included fintech lender GreenSky, which Goldman acquired in a deal worth $2.2 billion.
The Bank’s three main businesses are currently Global Banking and Markets, Wealth and Wealth Management, and Platform Solutions. We will report our fourth quarter results on Tuesday.
The disclosure did not provide separate figures for Marcus, a consumer business under asset and asset management.
Reported by Niket Nishant and Saeed Azhar. Edited by Shounak Dasgupta, Lananh Nguyen and Jane Merriman
Our standards: Thomson Reuters Trust Principles.
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