The unit recently released a tool to help homeowners calculate the estimated adjusted value of a home addition
Goldman Sachs Group is planning to scale back its 2019 loan origination target for its Marcus online lending platform on credit caution, according to a report by Bloomberg.
People with knowledge of the plans told the publication that Marcus has lowered its originations target for next year given concerns about the stage of the credit cycle and market data changes.
While the Marcus unit only offers unsecured loans, it hinted at a possible move into mortgages in August when it announced a partnership with valuation platform HouseCanary on a tool to help homeowners calculate the estimated adjusted value of a home addition.
The sources told Bloomberg that current market conditions for consumer lending prompted the reduction in 2019 targets. The people did not give exact figures and said plans could still change. A Goldman Sachs spokesman declined to comment.
Marcus is one of the pillars of a revenue growth plan among company leaders, including CEO David Solomon. As the unit has lent more than $4 billion in less than two years, analysts and investors question how its portfolio will be affected by a downturn in which more consumers have trouble paying off debt.
