Federal Reserve Investigating Goldman Sachs
(25 January 2023 – United States) The United States (US) Federal Reserve has launched an investigation into Goldman Sachs focused on the bank’s compliance and legal protections in place as it expanded it’s “Marcus” consumer lending division.
The Fed has expressed a concern that one of the largest banking and investment firms globally “did not have proper monitoring and control systems inside the consumer business, known as Marcus, especially as it continued to grow.”
The probe is expected to encompass the entirety of Goldman’s compliance functions, as well as audit and legal noting Goldman Sachs is scaling back its consumer business. The move is reportedly connected to a “broader reshuffling” at the group.
“We tried to do too much too quickly” Goldman Sachs CEO David Solomon stated.