David Solomon admits Goldman took on too much, too quickly in consumer business
Publishing timestamp: 2023-01-18 11:27:04
Summary
Goldman Sachs CEO David Solomon said the firm had a disappointing quarter due to its overly ambitious consumer efforts. The bank posted its largest earnings miss in a decade, and Solomon said they had taken on too much too quickly. He said the bank's performance in asset management and lending was solid relative to its peers, but the return on average tangible common shareholders' equity was well below the firm's medium-term targets.
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