Goldman Sachs’ Credit Card And Installment Business Will Report A $2 Billion Loss


According to rumors, Goldman Sachs’ new company will lose $2 billion.

According to a Bloomberg report published on Sunday (Jan. 8), the corporation’s loss in Platform Solutions, its credit card and installment-lending subsidiary, was worsened by new accounting regulations that obliged the company to set aside more money as loan volumes climbed.

Furthermore, the corporation will lay off 3,200 employees, the biggest in its history.

The layoffs will begin this week, affecting a total of 3,200 people.

The cutbacks are part of a wave of bank layoffs that is taking place in the midst of a global drop in mergers and acquisitions and other dealmaking.

According to the newspaper, the job cuts would occur during the same week that Goldman Sachs has its annual year-end compensation discussions. According to the study, these numbers are expected to fall, especially among individuals working in investment banking.

The announcement comes only weeks after Goldman Sachs was expected to lay off up to 4,000 staff. The layoffs came after the company laid off 500 workers in September. It also said last month that it will lay off hundreds of retail banking personnel, who would be included in the larger layoffs.