New FinTech unit lost USD 3 billion since 2020, according to Goldman Sachs

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The newly formed technology and consumer unit of Goldman Sachs has incurred pretax losses of USD 3 billion since 2020, according to the bank.

Goldman is restating its financial results for the previous three years to take into account the group’s new divisional structure, providing its most thorough information to date about losses related to its push into consumer banking.

The “Platform Solutions” division, one of the new units, posted losses of USD 1.2 billion for the first nine months of 2022, USD 1.05 billion for the entire year of 2021, and USD 783 million for the entire year of 2020.

Although Goldman had previously only disclosed top-line revenue figures for the unit rather than profit or loss figures, it had publicly acknowledged that the FinTech business was loss-making.

Read More: Goldman Sachs says new fintech unit incurred $3bn in losses since 2020

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

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