- Bloomberg reported that Goldman Sachs Group Inc’s (NYSE:GS) consumer banking unit, dubbed Marcus, is under Federal Reserve scrutiny, citing people familiar with the matter.
- Goldman’s management has faced questions and follow-ups from the central bank’s officials for several weeks, the report added, and the process is still ongoing.
- Related: Investors Seek Goldman Sach’s Testimony On Jho Low Behind Malaysia’s 1MDB Scandal.
- The review goes beyond the central bank’s regular oversight of the firm. The central bank is taking stock of a relatively new division growing substantially inside a company without a substantial history of general public dealing.
- While it’s not indicative of any wrongdoing, it is another headache, stated Goldman’s CEO, David Solomon.
- At mid-year, the bank’s internal forecast estimated the business would post a record loss of more than $1.2 billion in 2022.
- According to recent reports, Goldman Sachs will cut around 1% of its jobs as soon as this month. With a total headcount of 47,000, a 1% cut would imply a reduction of about 500 jobs.
- Price Action: GS shares are down 2.80% at $322.33 on the last check Friday.
- Photo via Wikimedia Commons
SVB Securities Said Continues its Independent Operations Unimpeded by Silicon Valley Bank’s Receivership Proceedings
SVB Securities, a leading investment bank serving the innovation economy, announced today that the appointment of the Federal Deposit Insurance Corporation ("FDIC") as receiver of Silicon Valley Bank will not directly impact the broker-dealer's business operations, which continue uninterrupted under the management of SVB Securities leadership team.
