Goldman Sachs spends $3bn on fintech unit in three years

The investment bank has a long-held interest in the fintech boom but its losses have been rising for its dedicated financial technology unit.

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Marcus by Goldman Sachs

Goldman Sachs has spent $3bn on its fintech division since the start of 2020, the bank revealed for the first time last week. 

In a move to show greater clarity over its new operational structure, Goldman published financial details on the performance of each of its three new operational units: "Global Banking & Markets", "Asset & Wealth Management" and "Platform Solutions

Its fintech offensive has been nested inside its Platform Solutions business, which showed losses are rising for the unit. It said in the first nine months of 2022 these amounted to$1.2bn for the first nine months of 2022 compared with $1.05bn for all of 2021 and $783mn for 2020.

Its Platform Solutions business is principally concerned with its online lending flanker brand Greensky and B2B technology it uses for its credit card partnerships such as the Apple Card.

Marcus, Goldman Sachs’ foray into consumer banking, meanwhile has been rolled up into its Asset & Wealth Management arm.

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