09:58 AM EDT, 09/10/2024 (MT Newswires) -- Goldman Sachs Group ( GS ) will post a pretax hit to Q3 results of about $400 million as a result of it stepping back from retail businesses, according to media reports.

On Monday at a conference, Chief Executive David Solomon cited the company's sale of small- and medium-sized business loans and its intention to exit a credit card partnership with General Motors ( GM ) as examples of Goldman's effort to shrink its focus on the consumer business, according to reports.

"The combination of those things this quarter will likely have an approximately $400 million pre-tax impact, largely showing up in revenues," Solomon said, according to reports.

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