Golf Star Patrick Cantlay's Million-Dollar Goldman Sponsorship Reportedly Concludes As Bank Refocuses Consumer Division
Portfolio Pulse from Nabaparna Bhattacharya
Goldman Sachs Group, Inc. (NYSE:GS) ended its sponsorship deal with golfer Patrick Cantlay, which was part of its consumer banking marketing efforts. The deal, signed in 2020, was worth at least $1.1 million annually plus performance bonuses. The decision follows Goldman Sachs' strategic shift under CEO David Solomon, which includes closing its personal loan division and halting other unprofitable consumer banking ventures. Cantlay, who has earned over $42 million since turning professional, was previously featured with the Marcus brand but will no longer wear the Goldman logo.
November 24, 2023 | 3:56 pm
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Goldman Sachs has ended its sponsorship deal with golfer Patrick Cantlay, aligning with its strategy to cut unprofitable consumer banking ventures. This reflects a broader refocusing of the bank's consumer division.
The termination of the sponsorship deal with Patrick Cantlay is part of Goldman Sachs' larger strategy to streamline its consumer division and cut unprofitable ventures. While this news reflects the bank's commitment to financial discipline, it is unlikely to have a significant short-term impact on the stock price, as sponsorships are generally a small part of the bank's overall marketing budget and strategic direction.
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IMPORTANCE 50
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