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BUSINESS
Goldman Sachs’ consumer business Marcus facing Fed probe: report
By Reuters
January 20, 2023 | 1:05pm
The Federal Reserve is probing the consumer business of Goldman Sachs to determine whether the bank had appropriate safeguards in place as it ramped up lending, the Wall Street Journal reported on Friday, citing people familiar with the matter.
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Shares of the investment bank were down nearly 3%.
The central bank is concerned the Wall Street giant did not have proper monitoring and control systems inside Marcus, its consumer unit, as it grew larger, the report said.