The Latest

As the Wall Street giant continues to scale back its consumer banking ambitions, the point-of-sale loan provider that it purchased in 2022 could be the latest target. And CEO David Solomon said there might be more moves ahead.

Fixed-income trading revenue declined 17%, the firm said in a statement Tuesday, leaving Goldman the only major Wall Street bank so far to have posted a drop for that business.

Some 74.8% of the loans had original terms greater than 60 months, higher than 68.5% than the FAST 2020.

The proposal marks a concession for Republicans, but it's designed more to start negotiations with the White House rather than pass the Democratic-controlled Senate.

The current ABS pool is more heavily weighted toward large balances. Accounts with balances of $10,000 or more account for 49.9% of the pool.

Despite dearth of new loans, retail investors' exit from loan funds provides CLOs with new-issue supply.

NaviRefi loans account for 30% of the collateral securing the Navient Private Education Refi Loan Trust, 2023-A's. It is a noticeably higher amount than the previous deal, the 2022-B, which contained a 21% concentration.

The largest U.S. bank by assets raised its forecast for net interest income in 2023 to $81 billion from $74 billion, a positive sign for investors wondering how an economic downturn might weigh on profits.

Consumers and companies have moved cash into higher-yielding assets like money market funds, with smaller lenders getting hit harder. Some banks may need to sell bonds to replace any lost funding, which usually boosts overall financing costs.

Chase, Wells Fargo both reported increased gain on sale margins in the first quarter over the fourth, a potentially promising indicator for upcoming IMB earnings.