Goldman Shakes Up Consumer Banking Plans

Goldman Sachs, under CEO David Solomon, aimed to revolutionize digital banking with Marcus. However, due to market pressures and a significant drop in stock value, the company is scaling back its consumer banking ambitions. This includes restructuring plans and reducing focus on consumer services like credit cards, as shareholders express dissatisfaction with the current trajectory.

What was the initial vision of Goldman Sachs CEO David Solomon for the bank?

• To focus solely on investment banking

• To merge with another major bank

• To create a full-service digital bank

• To expand into cryptocurrency

Why did David Solomon meet with Reese Witherspoon?

• To discuss a potential movie investment

• To offer financial services to her fan base

• To collaborate on a new film project

• To hire her as a brand ambassador

What was the impact on Goldman Sachs' stock value in the year discussed?

• It increased by 20%

• It remained stable

• It decreased by more than 20%

• It doubled in value

What changes did Goldman Sachs make to its consumer services?

• Restructured and scaled back consumer plans

• Introduced new retail banking services

• Launched a new cryptocurrency

• Expanded credit card offerings

What was one of the reasons for the restructuring of Goldman's consumer services?

• Increased competition from other banks

• Shareholder dissatisfaction with Marcus

• A successful retail banking expansion

• A new CEO taking over