Goldman's Costly Consumer Push

Goldman Sachs aimed to expand into consumer banking to diversify beyond its core trading and banking business. Despite initial optimism, the venture under the Marcus brand has faced significant financial challenges, with losses exceeding forecasts. Comparisons with other banks like Morgan Stanley and Bank of America highlight Goldman's unique struggles. CEO David Solomon remains committed, likening the situation to Amazon's AWS development. However, internal debates question the credibility of projections amid a challenging economy.

What factors contribute to the skepticism surrounding Goldman Sachs' consumer banking efforts?

In what ways does David Solomon compare Goldman Sachs' situation to Amazon's AWS?