Goldman Sachs CEO David Solomon fights off attacks over consumer banking failure

Longtime Goldman Sachs boss and DJ David Solomon on Tuesday tried to praise the company’s failed foray into consumer banking.

Solomon, who recently laid off more than 3,200 workers on what is known as “David Demolition Day,” has been bombarded with questions from Wall Street analysts about the bank’s troubles.

Most importantly, how Goldman was unable to deal with Marcus, an online retail banking operation that was shut down after failing to turn a profit.

“Sometimes we get it wrong,” Solomon said during the company’s second-ever Investor Day launch at Goldman’s global headquarters at 200 West Street. “Sometimes we don’t comply. But we are always learning and adapting.”

Solomon said the megabank was considering “strategic alternatives” for its lagging consumer business, but did not elaborate on any options. Since 2020, the consumer banking division has lost more than $3 billion.

“I would like you to appreciate that we are unable to provide more information than we have,” said Solomon, who is also frustrated by his part-time job as a DJ-Sol.

In one heated conversation, Wells Fargo analyst Mike Mayo asked why Solomon didn’t just “get it over with” and completely close the consumer business.

Goldman is “one of the greatest men of all time, but this [consumer business] damaged your reputation,” Mayo said. “Michael Jordan tried out for Minor League Baseball after basketball but turned it down…why can’t Goldman give up consumer banking?”

Solomon emphasized that the bank would continue to focus on its core franchises – and “would say more if I had something to say.”

Goldman declined to comment other than Solomon’s.

Last year, Marcus was merged with the company’s wealth and asset management division into a new division called Platform Solutions. Although the bank has stopped unsecured lending, it continues to operate with bank transactions, credit cards and an acquired fintech company called GreenSky.

Platform Solutions global head Stephanie Cohen highlighted Solomon’s comments that the consumer bank is struggling and said it won’t break even until 2025.

Executives also highlighted three key strategies the bank is focusing on, including increasing the share of wallets and funding in banking and markets, increasing management fees in asset and wealth management, and making platform solutions profitable.

Shares of Goldman fell nearly 4% after a day of investor questions and answers to close at $351.65.

In addition to layoffs, Goldman cut bonuses by as much as 90%. As The Post previously reported, many young bankers who made six figures last year received just $10,000 or $15,000.