Goldman says consumer-facing credit cards never became ‘meaningful’ part of strategy

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FILE PHOTO: The Goldman Sachs company logo is on the floor of the NYSE in New York

(Reuters) -Goldman Sachs Group Inc said on Wednesday a consumer-facing proprietary credit card never became “a meaningful part” of the bank’s strategy, highlighting the Wall Street giant’s retreat from its consumer banking ambitions.

The emailed statement came after CNBC reported Goldman had dropped plans to develop a branded credit card for retail customers, citing people with knowledge of the matter.

Last month, Goldman said it was planning to stop making unsecured consumer loans. The checking account launch for its direct-to-consumer unit Marcus was also postponed.

After booking losses in its consumer business, Goldman Chief Executive Officer David Solomon has been refocusing the bank’s resources on its core businesses of investment banking and trading.

In October, the investment bank said its Marcus unit would be absorbed into the wealth management unit as Goldman scales back its consumer banking ambitions.

(Reporting by Anirban Chakroborti in Bengaluru; Editing by Sherry Jacob-Phillips)

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