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Harvey Schwartz President and Co-COO of Goldman thinks told investors this week that the firm can make $1B in extra revenue from its consumer lending business over the next 3yrs, which is as much as it expects for its trading operations.
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Goldman isn’t known for consumer lending, but stricter rules have forced banks to look for new ways to make money. CEO Lloyd Blankfein pointed out earlier this year that while Goldman doesn’t have branches, thanks to technology that isn’t a shortcoming anymore. Post-crisis regulations have put restrictions on trading but tend to give incentives for lending. The investment bank is launching Marcus in the UK next year, according to the Financial Times (paywall).
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