Bloomberg Law
June 28, 2022, 12:09 PM

Goldman Sees Losses Topping $1.2 Billion From Its Consumer Push

Sridhar Natarajan
Sridhar Natarajan
Bloomberg News

When Goldman Sachs Group Inc. executives set out to woo investors in early 2020, they offered a promising outlook for their novelty Main Street business. The unit would go from a money-suck to break-even in 2022.

It isn’t quite working out that way.

The Wall Street titan’s internal projections show the consumer business losses accelerating to more than $1.2 billion this year, according to people with knowledge of the matter. The second-quarter burn rate in the unit is in line with those forecasts -- and the number may grow if a souring economy forces the firm to take more lending-loss ...