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Goldman Sachs warns of hit to third-quarter earnings on deal to dump GreenSky

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David Solomon, chief government officer of Goldman Sachs Group Inc., throughout a Bloomberg Tv on the Goldman Sachs Monetary Providers Convention in New York, US, on Tuesday, Dec. 6, 2022. 

Michael Nagle | Bloomberg | Getty Pictures

Goldman Sachs mentioned Wednesday that it agreed to promote its fintech lending platform GreenSky to a bunch of traders led by non-public fairness agency Sixth Avenue.

The deal, which features a e-book of loans created by Goldman, will lead to a 19 cents per share discount to third-quarter earnings, Goldman mentioned within the assertion. The New York-based financial institution is scheduled to reveal outcomes on Tuesday.

The transfer is the newest step CEO David Solomon has taken to retrench from his ill-fated push into client finance.

“This transaction demonstrates our continued progress in narrowing the main focus of our client enterprise,” CEO David Solomon mentioned within the launch. The financial institution is now centered on its core funding banking, buying and selling and asset and wealth administration operations, he added.

Learn extra: Goldman Sachs faces massive writedown on CEO David Solomon’s ill-fated GreenSky deal

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