'Goldman Sachs Got Lax On Credit Cards. The Bill Is Coming Due; The Bank Lent Loosely On Some Credit Cards, Contributing To A Big Loss As It Tries To Sell The General Motors Card Business' - WSJ Exclusive
Portfolio Pulse from Benzinga Newsdesk
Goldman Sachs is facing significant financial challenges due to lax credit card lending practices, particularly with the General Motors card business. The bank disclosed a $400 million pre-tax loss as it attempts to exit its Main Street lending operations.
September 10, 2024 | 3:16 pm
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Goldman Sachs is experiencing financial difficulties due to loose credit card lending standards, resulting in a $400 million pre-tax loss. This is part of its effort to sell the General Motors card business and exit Main Street lending.
The $400 million pre-tax loss is a direct result of Goldman Sachs' lax credit card lending practices. This financial hit is significant as the bank attempts to sell its General Motors card business, indicating potential negative impacts on its stock price.
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