by Goldman Sachs head of non-public finance administration Joe Duran supplies his 2023 market outlook and discusses the agency’s ‘powerful resolution’ to chop 3,200 jobs, on ‘Varney & Co.’
The Federal Reserve is investigating Goldman Sachs over the dealing with of its consumer business, referred to as Marcus, FOX Business confirmed Friday.
Goldman Sachs is underneath investigation by the Federal Reserve over the monitoring of its consumer business, Marcus. (Reuters Photos)
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GS | THE GOLDMAN SACHS GROUP INC. | 341.84 | -8.85 | -2.52% |
Citing individuals acquainted, The Wall Street Journal reported earlier within the day that the central financial institution has issues that Goldman didn’t have correct safeguards in place at Marcus because the consumer lender’s business grew.
Sources acquainted instructed FOX Business that they’re not sure of the seriousness of the Fed’s probe however famous that the central financial institution repeatedly examines consumer financial institution compliance points and that Fed officers are stationed inside each main financial institution for the aim of monitoring such points.
The Marriner S. Eccles Federal Reserve Board constructing is seen in Washington, DC. The central financial institution is investigating Goldman Sachs over the dealing with of its consumer business. (Photo by SAUL LOEB/AFP through Getty Images / Getty Images)
When reached for remark, a Goldman spokesperson instructed FOX Business, “The Federal Reserve is our major federal financial institution regulator and we don’t touch upon the accuracy or inaccuracy of issues regarding discussions with them.”
US BANKS GET READY FOR SHRINKING PROFITS AND RECESSION
The sources acquainted additionally mentioned the investigation will not be seen as an existential risk to Goldman, however it poses one other drawback for beleaguered CEO David Solomon.
David Solomon, chief govt officer of Goldman Sachs Group Inc., throughout a Bloomberg Television on the Goldman Sachs Financial Services Conference in New York, on Tuesday, Dec. 6, 2022. (Photographer: Michael Nagle/Bloomberg through Getty Images / Getty Images)
GET FOX BUSINESS ON THE GO BY CLICKING HERE
They added that Solomon faces strain from companions on the megabank over his dealing with of the consumer business, on high of Goldman’s current earnings miss and bonus cuts.
