Investment bank Goldman Sachs has been one of the most trusted brands on the market for much of its 154-year history. But a century-plus of fiscal success did not mean the venerable financial institution was content to rest on its laurels: in 2022, Chief Executive Officer David Solomon announced ambitious plans for expansion of Goldman’s business. As part of its growth into a “bank for the masses,” Goldman boasted it would soon begin issuing a whole raft of new products and services, most notably a direct-to-consumer credit card.
By now, of course, Goldman’s strategy has shifted into a very different direction. Following turbulent economic activity in the latter half of 2022, the company reorganized its operations, closing new avenues for personal checking and other personal banking services. With that shift, the Goldman-branded consumer credit card program no longer made sense, and as of February 2023, the planned card program has officially been shelved.
Though this may be a sharp departure from the company’s previously described strategy, Goldman has positioned the move as a necessary one for changing financial times. According to a spokesperson for Goldman, “The idea of a consumer-facing proprietary Goldman Sachs credit card was discussed but never became a meaningful part of our strategy.”