Goldman Sachs's (GS +0.7%) Marcus consumer online lending arm is cutting back on the number of ads that it's mailing to prospective borrowers, according to Credit Suisse analyst Moshe Orenbuch, who notes that personal loans are still "primarily a direct mail business."
Goldman mailings fell 46% Y/Y, extending a "significant slowdown" that began in January, he wrote.
That's in line with the bank's plans to reduce lending goals.
Overall, banks and online lenders mailed 312M personal loan offerings in May, up 19% M/M and 8% Y/Y.
Nonprime lender Elevate (ELVT -1.8%) mailed 13M offers in May, down 28% Y/Y.
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