Goldman Sachs' Credit Card Business Exit Reportedly Delayed Due To High Charge-Off Rates And Lenient Underwriting: Bank Discloses Potential $400M Pre-Tax Hit
Goldman Sachs' Credit Card Business Exit Reportedly Delayed Due To High Charge-Off Rates And Lenient Underwriting: Bank Discloses Potential $400M Pre-Tax Hit
The bank's consumer-lending ventures, including its credit cards, have resulted in over $6 billion in pretax losses since early 2020. Goldman began shifting away from consumer finance in 2022, refocusing on its core strengths in investment banking and catering to high-net-worth clients.Goldman Sachs (NYSE:GS) is facing a potential pre-tax hit of nearly $400 million from the sale of its General Motors (NYSE:GM) credit card portfolio and a smaller, unrelated business.
高盛（紐約證券交易所代碼：GS）因出售其通用汽車（紐約證券交易所代碼：GM）的信用卡投資組合和規模較小的無關業務而面臨近4億美元的潛在稅前衝擊。
What Happened: Goldman has been in discussions for several months with GM and Barclays PLC (NYSE:BCS) about transferring the credit card business to the British bank. However, Barclays has been hesitant to meet Goldman's initial price due to high charge-off rates, which indicate the portion of balances that are unlikely to be repaid by borrowers, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
發生了什麼：高盛與通用汽車和巴克萊集團（紐約證券交易所代碼：BCS）就將信用卡業務轉讓給這家英國銀行進行了幾個月的討論。但是，《華爾街日報》週二援引知情人士的話報道，由於扣款利率居高不下，巴克萊一直對滿足高盛的初始價格猶豫不決，這表明借款人不太可能償還餘額部分。
Goldman's shares fell over 4% on Tuesday following the news. CEO David Solomon noted during a banking conference on Monday that trading revenue for the third quarter is projected to decline by nearly 10% compared to the previous year, and he warned of "significantly more muted" revenues in the asset and wealth management sectors.
消息傳出後，高盛股價週二下跌了4％以上。首席執行官戴維·所羅門在週一的銀行會議上指出，第三季度的交易收入預計將比上年下降近10％，他警告說，資產和财富管理領域的收入 「將明顯減弱」。
The bank's consumer-lending ventures, including its credit cards, have resulted in over $6 billion in pretax losses since early 2020. Goldman began shifting away from consumer finance in 2022, refocusing on its core strengths in investment banking and catering to high-net-worth clients.
自2020年初以來，該銀行的消費貸款業務，包括其信用卡，已造成超過60億美元的稅前虧損。高盛於2022年開始退出消費金融，重新專注於其在投資銀行業務和迎合高淨值客戶方面的核心優勢。
Goldman Sachs did not immediately respond to Benzinga's request for comment.
高盛沒有立即回應本辛加的置評請求。
Why It Matters: This latest development comes on the heels of several significant financial events. On Tuesday, JPMorgan Chase & Co. (NYSE:JPM) saw its shares drop by 7.5% after COO Daniel Pinto tempered analyst forecasts on next year's expenses and net interest income (NII) at an industry event.
爲何重要：這一最新進展是在幾起重大財務事件之後發生的。週二，摩根大通公司紐約證券交易所代碼：JPM）股價下跌7.5％，此前首席運營官丹尼爾·平託在一次行業活動中下調了分析師對明年支出和淨利息收入（NII）的預測。
Pinto indicated that the current NII consensus of $89.5 billion was "not very reasonable" given the interest-rate forecasts.
平託表示，鑑於利率預測，目前NII的895億美元共識 「不太合理」。
In July, Goldman Sachs reported better-than-expected earnings for the second quarter. The bank posted revenue of $12.730 billion, surpassing the consensus of $12.456 billion. The U.S. financial services giant also reported GAAP EPS of $8.62, beating the consensus of $8.35.
7月，高盛公佈的第二季度收益好於預期。該銀行公佈的收入爲127.30億美元，超過了市場普遍預期的124.56億美元。這家美國金融服務巨頭還公佈的GAAP每股收益爲8.62美元，超過了市場預期的8.35美元。
Price Action: Goldman Sachs' shares closed 4.39% lower on Tuesday at $467.13. In premarket trading on Wednesday, the stock was marginally down by 0.028%, according to Benzinga Pro data.
價格走勢：高盛股價週二收盤下跌4.39％，至467.13美元。根據Benzinga Pro的數據，在週三的盤前交易中，該股小幅下跌了0.028％。
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Image Via Shutterstock
圖片來自 Shutterstock
This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote
這個故事是使用 Benzinga Neuro 創作的，由 Kaustubh Bagalkote
