Solomon told deputies that if Goldman was going to be in the consumer business, it needed to go big. Solomon told colleagues he thought the stock could go much higher if Goldman was to get an outside investor for the consumer business. Goldman’s usual power brokers became more incensed that the bank was spending money on a consumer business they didn’t want. Goldman employees will also have to prepare for transferring balances to the company or companies that take over the cards, a process that needs employees with experience. At a meeting last month, when the bank told employees it would be unloading the GM card, it offered them a sweetener to stay.
Source: Wall Street Journal December 02, 2023 09:40 UTC