Goldman Sachs Forced To Take Large Writedown On CEO's $2.2 Billion GreenSky Acquisition After Struggling To Find Buyer

Goldman Sachs is likely to take a large write-down for its 2021 acquisition of fintech lender GreenSky after seeking to unload the business.
Bids for the installment loan business are coming in well below what Goldman had hoped for.
The bank is continuing negotiations with a smaller group of bidders this week with the hope of ratcheting up the ultimate price.
If a deal closed at anywhere near the current valuation, it would represent a steep discount to what Goldman paid for it, forcing the company to disclose a write-down hitting its bottom line in an upcoming quarter.
The turbulence marks the latest fallout from CEO David Solomon's decision to exit most of the bank's consumer efforts after pushing hard for his vision to transform Goldman into a fintech disruptor.