 "Goldman Sachs offloads $1 bn of personal loans from Marcus to Varde")
Goldman Sachs Group has sold $1 billion of personal loans from its consumer unit, Marcus, to alternative investment firm Varde Partners, Bloomberg News reported on Thursday, citing people with knowledge of the transaction.
Varde bought the loans at a discount to their face value last month, the report said. Goldman last year stopped personal loans under the Marcus brand and decided to wind down the $4.5 billion loan portfolio.
Goldman declined to respond to Reuters' request for comment, while Varde did not immediately reply.
The Wall Street giant booked a $470 million loss on the sale of some Marcus loans, which dragged down its first quarter results. It had announced intentions to sell parts of Marcus at an investor day in February.
Marcus was folded into the company's merged asset and wealth management arm last year.
(Reporting by Niket Nishant in Bengaluru and Saeed Azhar in New York; Editing by Shinjini Ganguli)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%