27.6 C
New York
HomeEntrepreneursGoldman Sachs warns of hit to third-quarter earnings on deal to offload...

Goldman Sachs warns of hit to third-quarter earnings on deal to offload GreenSky

David Solomon, chief executive officer of Goldman Sachs Group Inc., during a Bloomberg Television at the Goldman Sachs Financial Services Conference in New York, US, on Tuesday, Dec. 6, 2022. 

Michael Nagle | Bloomberg | Getty Images

Goldman Sachs said Wednesday that it agreed to sell its fintech lending platform GreenSky to a group of investors led by private equity firm Sixth Street.

The deal, which includes a book of loans created by Goldman, will result in a 19 cents per share reduction in third-quarter results, Goldman said in the statement.

Goldman Sachs, the most Wall Street-dependent of large American banks, is scheduled to post results on Tuesday.

“This transaction demonstrates our continued progress in narrowing the focus of our consumer business,” CEO David Solomon said in the release. The bank is now focused on its core investment banking, trading and asset and wealth management operations after pivoting away from an ill-fated push into consumer finance, he said.

This story is developing. Please check back for updates.

Source link

latest articles

explore more


Please enter your comment!
Please enter your name here