They're currently facing scrutiny for
their consumer lending business practices.
Marcus, the bank's
consumer lending business, accounts for $ 1 billion of Goldman's plan to grow revenue by $ 5 billion, Solomon said.
Low interest rates have enticed Canadians to go on a borrowing binge, to the benefit of the banks»
consumer lending businesses.
«Our principal objective in
the consumer lending business has been... continuing to grow receivables per branch, and we reached that objective again this quarter, helping to drive Core Earnings up 42 % from last year,» president and CEO Jay Levine said in his third quarter report to shareholders.
The company has seen
its consumer lending business reach 600 billion yuan ($ 95 billion) even as the company faces a stricter environment for securitizing loans in its home country of China.
In August, General Electric also announced to exit
its consumer lending business, which is an arm of GE Capital.
But the company is breaking GE Capital into smaller pieces to offload them (e.g.,
consumer lending business).
Realty World Holding Corp. has applied to take over a dormant Utah industrial loan charter and go into
the consumer lending business.