Goldman Sachs Group Inc.’s first-quarter profit fell 19 percent as sluggish dealmaking eroded the Wall Street giant’s fees from investment banking, while losses from the sale of some loans from its consumer unit, Marcus, weighed on the results.
Goldman booked a $470 million loss on the sale as the bank rejigs its strategy after a foray into consumer banking, which Chief Executive David Solomon had championed for years, flopped.
It is also exploring strategic options for its consumer platform business, which has lost about $3 billion in three years, executives told investors in February.
Goldman reshuffled its businesses last year, leaning into its traditional mainstays of trading and investment banking, beefing up its asset management arm and stepping back from its consumer aspirations….