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Published: 12:53, August 05, 2022 | Updated: 12:53, August 05, 2022
Goldman discloses probe into US credit card division
By Reuters
Published:12:53, August 05, 2022 Updated:12:53, August 05, 2022 By Reuters

In this undated photo, the Goldman Sachs Group Inc. logo is displayed in the reception area of the One Raffles Link building, which houses one of the Goldman Sachs (Singapore) Pte offices, in Singapore. (NICKY LOH / BLOOMBERG)

Goldman Sachs Group Inc's credit card business is being investigated by a top US consumer watchdog, the bank disclosed in a regulatory filing on Thursday.

Under its chief executive officer, David Solomon, Goldman has been looking to expand its consumer business as it seeks to diversify its revenue streams beyond trading and investment banking

The investigation by the Consumer Financial Protection Bureau (CFPB) includes scrutiny of the bank's credit card account management practices, refunds and billing error resolution, according to the filing.

Goldman said it was cooperating with the CFPB. 

READ MORE: Goldman sees Asia's inflation pace lagging behind Europe

Under its chief executive officer, David Solomon, the bank has been looking to expand its consumer business as it seeks to diversify its revenue streams beyond trading and investment banking.

The bank has a credit card partnership with Apple Inc, following the launch of a card with the iPhone maker in 2019. It also offers a co-branded credit card with General Motors Co.

ALSO READ: Goldman, JPMorgan HK offices face mandatory COVID-19 tests

The Wall Street giant also said it had reduced its credit exposure to Russia by over 13 percent in the second quarter. Citigroup Inc, on the other hand, saw its Russia exposure climb by $500 million as the rouble firmed.


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