Goldman Sachs Group in New York could look to sell GreenSky, a fintech it bought about year ago for more than $2.2 billion.
While GreenSky, which lends to homeowners through home improvement contractors, is a “good business” that is “performing well with first-quarter originations,” Goldman CEO David Solomon said the business might not fit well with plans to scale back in retail banking.
“Given our current strategic priorities … we may not be the best long-term holder of this business,” Solomon said during a conference call to discuss quarterly results.
Goldman, which announced plans in February to scale back and sell parts of its digital retail platform, recorded a $470 million one-time loss in the first quarter tied to selling about $1 billion of Marcus loans. It did not disclose the buyer.
Goldman will look at “moving down” the rest of its Marcus portfolio “over time,” Denis Coleman, the company’s chief financial officer, said during the call.
The disclosure comes on the heels of Goldman launching a savings account for Apple Card users that offers a 4.15% annual rate. Marcus currently has a 3.9% rate.