Goldman Sachs has reported losses of nearly $500 million from its attempt to expand into consumer loans and savings products for the underprivileged market. The Wall Street bank started the consumer banking arm, named Marcus, and made efforts to expand under its current CEO, David M. Solomon. The company has sold some of those loans and retreated from others, making it clear they are unsuccessful in the business, which is yet to recover its losses. Financial analysts predict margins will improve for the rest of the firm as Goldman continues to focus on lending to larger clients. The bank announced a $3.2 billion profit in the first quarter and pledged to adjust its cost base. The firm's shares were down by 3% after the earnings were announced. Despite these losses in the consumer sector, The Goldman Sachs Group declared a quarterly dividend of $2.50 per share on an annualized basis at the beginning of March to shareholders.