© Reuters. FILE PHOTO: The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly
(Reuters) – Goldman Sachs Group Inc (NYSE:)’s consumer banking unit is being reviewed by the Federal Reserve, Bloomberg Law reported on Friday, citing people familiar with the matter.
Goldman’s management has been subjected to questions and follow-ups from the central bank’s officials for several weeks, the report said, adding that the process was still ongoing. (https://
Goldman Sachs declined to comment, while the Fed did not immediately respond to Reuters request for remarks.
Goldman Chief Executive Officer David Solomon has sought to reduce the bank’s reliance on volatile trading and investment banking by shifting focus to its consumer bank.
Internal projections at the bank show the consumer unit will record losses of more than $1.2 billion this year, Bloomberg News reported in June.
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