The CEO of Goldman Sachs claims that the bank rushed into consumer banking.

In large part because of its enormous push into consumer sectors, Goldman Sachs' (NYSE:GS) Q4 earnings declined more than anticipated.

The Wall Street mainstay "perhaps took on more than we should have, you know, too much, too quickly" in terms of its consumer market ambitions, Chairman and CEO David Solomon said CNBC in an interview on Wednesday.

The company reported $1.8B in expenses for its Platform Solutions unit, which is primarily made up of its consumer-facing companies, for the entire year 2022 during its Q4 earnings call. The division lost $1.7B for the entire year.

"We got some things right when it came to the consumer platforms. We didn't carry out some other plans, "added he.

Solomon stated, "I think we now have a very robust deposits business," and he added that he thought the cooperation with Apple (AAPL) will result in "significant dividends for the enterprise."

In 2019, winning the Apple Card account turned out to be less profitable than anticipated.

He claimed that, aside from the consumer business, Goldman's (GS) asset management and lending performed admirably when compared to its competitors. When compared to others, Solomon remarked, "Our relative asset growth and the success of our core business is actually quite good."

Following a 6.4% decline on Tuesday, Goldman (GS) shares increased 0.6% in early Wednesday trading.

Tuesday saw a decline in Goldman Sachs' (GS) Q4 earnings as results were harmed by tighter financial conditions.