Goldman’s sale of Marcus drives record PCL release

Partial disposal of retail arm costs bank $470 million, but nets first release into income since Q2 2021

Goldman Sachs released $171 million of its credit-loss reserves back into income in Q1 2023, as the bank continues to wind down its consumer banking business, Marcus.

The reversal was driven largely by the sale of $1 billion of the Marcus loans portfolio and the transfer of the remaining $3.5 billion to the held-for-sale pen, which translated into a $470 million loss.

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