Goldman Sachs Group Inc. (NYSE:GS) is seemingly reversing its stance on consumer lending, contemplating the sale of certain portions of its portfolio, which includes the Apple credit card and other Apple Inc (NASDAQ:AAPL) products, along with the General Motors credit card.
What Happened: As reported by The Wall Street Journal, the banking giant is offloading specialty lender GreenSky at a substantial loss, merely a year post-acquisition.
Reportedly, a significant portion of its personal loan portfolio has already been sold.
Goldman’s partners and senior executives are believed to think that the consumer lending operations have provoked more complications than worth, leading to billions in losses and attracting regulatory attention.
"We should have never done this f***ing thing," a Goldman partner reportedly said during a town hall at its headquarters this April.
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