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Goldman Sachs is set to take a $400 million pretax hit to its third-quarter results as it continues to unwind its consumer business. CEO David Solomon announced that the bank will incur this hit as it unloads its GM Card business and a separate portfolio of loans. This move is part of Goldman’s strategy to shift away from consumer operations, which began in late 2022. The bank experienced write-downs related to selling parts of the business, particularly its credit card business, including the Apple Card. Instead, Goldman is focusing on asset and wealth management to drive growth. Additionally, trading revenue for the quarter is expected to decline by 10% due to challenging market conditions.

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