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Goldman Sachs (NYSE:GS) made a loss of $3.03 billion in almost three years on its platform solutions business, it was revealed in a filing on Friday.
The business includes houses transaction banking, credit card, and financial technology businesses.
It’s the first time Goldman Sachs has provided a look into the financials for its consumer and fintech segments. Those segments were intended to diversify the Wall Street giant’s business.
In a note reacting to the filing, Jefferies said the new segment’s net loss was “widely expected.”
The pre-tax loss for its platform solutions business for the first nine months of 2022 was $1.2B, while it also lost $1.05B in 2021 and $783 million in 2020
While its platform solutions business reported higher revenue in the first nine months of 2022, it also posted higher provisions for credit losses and operating expenses.
On Tuesday next week, Goldman Sachs will report its fourth-quarter earnings.
The company’s share price has risen more than 1% on Friday.
