Goldman's Costly Consumer Push

Goldman Sachs aimed to expand into consumer banking to diversify beyond its core trading and banking business. Despite initial optimism, the venture under the Marcus brand has faced significant financial challenges, with losses exceeding forecasts. Comparisons with other banks like Morgan Stanley and Bank of America highlight Goldman's unique struggles. CEO David Solomon remains committed, likening the situation to Amazon's AWS development. However, internal debates question the credibility of projections amid a challenging economy.

What was Goldman Sachs' primary reason for entering the consumer banking sector?

• To reduce its workforce

• To diversify beyond trading and banking

• To compete with Amazon

• To focus solely on digital currencies

Under which brand did Goldman Sachs launch its consumer banking initiative?

• Marcus

• Solomon

• Blankfein

• Goldman Direct

Who was the CEO of Goldman Sachs when the consumer banking strategy was initiated?

• David Solomon

• Lloyd Blankfein

• Jeff Bezos

• Jamie Dimon

What comparison did David Solomon make to defend the consumer banking strategy?

• Apple's iPhone

• Google's search engine

• Amazon's AWS

• Tesla's electric cars

What is the main concern within Goldman Sachs regarding their consumer banking projections?

• The rise of cryptocurrency

• The competition from small banks

• The credibility of their projections

• The lack of digital infrastructure