Reuters reports the firm outlined a pre-tax loss for the unit, which includes its transaction banking, credit card and fintech businesses, of $1.2 billion for the first nine months of 2022. This follows a $1.05 billion loss in 2021 and $783 million the year before.
While the platform solutions arm of the firm posted higher revenue for the first nine months of 2022, this was counteracted by credit losses and operating expenses, Reuters reports, with plans to halt unsecured customer loans in the pipeline acting as an indication of the firm’s plan to scale back.
