Goldman Sachs Weighs Retreat From Consumer Banking Business

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Wall Street wanted clarity from Goldman Sachs What it got at the company’s second-ever investor day Tuesday was more questions. Namely, what is the fate of the bank’s money-losing foray into consumer banking?

It isn’t that executives at Goldman Sachs Group (ticker: GS) shied away from the topic. In opening remarks, Chief Executive David Solomon acknowledged mistakes in the consumer business and said the bank is “considering strategic alternatives” for it. Later, Stephanie Cohen, who heads platform solutions—where much of the consumer businesses are housed—said the bank is driving toward profitability for the unit while seeking strategic alternatives, comments Solomon reiterated in a question-and-answer session.