

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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The disposal netted a PCL reduction of approximately $440 million, which was offset partly by net provisions for credit
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