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Goldman Sachs U.S. credit card division under investigation by Fed watchdog

CEO David Solomon
Under David Solomon, Goldman aims to diversify its sources of revenue beyond trading and investment banks. We have aimed to expand our consumer business. AFP via Getty Images

Goldman Sax Credit card business is the top US company Investigated by Consumer Watchdog, Bank disclosed inRegulatory SubmissionThursday. According to the

filing, the Consumer Finance Protection Agency's investigation includes scrutiny of bank credit card account management practices, refunds, and resolution of billing errors.

Goldman said he is working with the CFPB.

Under CEO David Solomon, the bank aims to expand its consumer business with the aim of diversifying its revenue streams beyond trading and investment banking. ..

The bank has a partnership with Appleand acredit card after launching the card with the iPhone maker in 2019. We also offer credit cards affiliated with General Motors. The

Wall Street giant also said it had reduced itscredit exposure to Russiaby more than 13% in the second quarter. Meanwhile, Citigroup confirmed that Russia's exposure increased by $ 500 million as the ruble solidified.