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Solomon has said the consumer business is a critical part of the bank’s strategy to grow revenues and cut costs, as revenue shrinks in traditional areas of strength for Goldman like bond trading. But many investors have been uneasy with Goldman growing its unsecured consumer debt, especially at a time when many speculate that a recession could be looming, said UBS analyst Brennan Hawken mikimoto cufflinks. Marcus now has $45 billion in customer deposits in the United States and the U.K., and has issued $5 billion in personal loans, according to Solomon’s email..
While the amount of loans is small compared to the bank’s overall balance sheet, Hawken said investors would likely prefer Goldman stick to using its consumer business to add deposits, as opposed to personal loans or credit card debt. “People want Goldman to be Goldman,” Hawken said mikimoto cufflinks. Goldman declined comment for this article. The Apple Card’s wide interest rate range indicates that some customers might have lower credit scores, said Josh Siegel, chief executive of StoneCastle Financial Corp. However, the bank may not necessarily keep that risk on its books..
“They might securitize the debt, which wouldn’t be anything new for an investment bank,” Siegel said. “I can’t imagine that Goldman Sachs, all of a sudden, especially with where we are in the credit cycle, is going to go long on unsecured consumer debt.”. As this is Goldman’s first foray into credit cards, it may take the bank a year or two to assess the quality of its credit decisions, according to an industry expert who declined to be named. The same person said that the stated range of possible interest rates on unpaid balances was too wide to clearly show how much credit risk Goldman expects to take mikimoto cufflinks.
Credit risk concerns aside, analysts said that Goldman’s decision to launch its first credit card in partnership with one of the world’s biggest companies gives it the opportunity to gain consumer market share mikimoto cufflinks. While Apple says its card is “created by Apple, not a bank,” according to its website, the Goldman Sachs logo will appear on the back of the card. “For Goldman this is a play for massive distribution without having to contort too much,” said Lex Sokolin, global director of fintech strategy and partner at Autonomous Research..
(Reuters) – OxyContin maker Purdue Pharma LP and members of the wealthy Sackler family that own the company reached a $270 million settlement to resolve a lawsuit brought by the state of Oklahoma accusing the drugmaker of fueling an opioid abuse epidemic. The settlement unveiled by Oklahoma Attorney General Mike Hunter on Tuesday was the first to result from a wave of lawsuits accusing Purdue of deceptively marketing painkillers, helping create a deadly crisis sweeping the United States mikimoto cufflinks. Hunter’s 2017 lawsuit was set to go to a jury on May 28 in what would have been the first trial from roughly 2,000 lawsuits filed in federal and state courts against Purdue and other drugmakers..