Consumer loan surge quintuples Goldman’s loan-loss reserves
Retail loan portfolio doubles year-on-year to $5 billion
Goldman Sachs put aside $224 million of provisions for credit losses in the first quarter of the year, as the bank’s consumer portfolio continues to expand.
Total PCL were just $44 million the year-ago quarter, but have surged as the investment banking giant has pivoted to traditional lending.
Its Marcus retail lending platform reported around $5 billion of loans outstanding as of end-March, double the $2.4 billion posted the year-ago quarter.
What is it?Provisions for credit losses
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