Goldman is considering downsizing its consumer business

Goldman Sachs is exploring alternatives as it works to make specialty lender GreenSky and its credit card partnerships profitable.


Lucas Jackson/REUTERS

Goldman Sachs group Inc.

GS -0.41%

Chief Executive David Solomon said Tuesday that the bank is “considering strategic alternatives” for its consumer platform business, including specialty lender GreenSky and credit card partnerships with Apple Inc. and General Motor Co.

Mr. Solomon made the remarks during a speech at the bank’s investor day.

“I’ve certainly been thinking a lot over the course of the last three years,” he said, referring to the bank’s consumer business. “There were some obvious successes, but there were also some obvious stumbles.”

Mr. Solomon did not immediately provide more details, although the language he used could suggest a sale of GreenSky or its card partnerships. Less dramatically, it could be some sort of restructuring of the card deals to make them more lucrative for Goldman, or allow another bank to become an issuer besides Goldman.

Goldman is exploring alternatives as it works to make GreenSky and cards profitable. Should the latter occur, Goldman may not proceed with a sale or other change.

“We are focused on profitability, the right strategy and will be agile and flexible,” said Mr. Solomon. “We’ve significantly scaled down our consumer strategy ambitions.”

Write to AnnaMaria Andriotis at

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