Bids to buy the installment-lending platform GreenSky are lower than its owner, Goldman Sachs, was hoping, spurring the prospect that the bank may have to take a write-down on the sale, CNBC reported Friday.

"Everybody's been coming in low, and the Goldman team keeps pushing back, pounding the table about the value of it," one of the bidders told the network.

KKR, Apollo Global Management, Sixth Street Partners, Warburg Pincus and Synchrony were among the bidders for GreenSky in early June, people with knowledge of the sale process told CNBC.

Goldman continued negotiations this week with a smaller group of bidders, the network’s sources said.

If the bank is frustrated, its messaging doesn’t indicate it.

"We're pleased with the participation by bidders," Goldman spokesperson Tony Fratto told CNBC and Reuters. "We're in the middle of the process and we'll learn more as we go forward."

Goldman bought Atlanta-based GreenSky in a $2.24 billion all-stock deal it announced in September 2021. But the fintech’s valuation was closer to $1.7 billion when the transaction closed in March 2022, a person with knowledge of the matter told the network.

Rumors about the fate of GreenSky have swirled ever since Goldman retooled its structure in October, placing the fintech under a unit it dubbed Platform Solutions, alongside its credit-card business with Apple and General Motors, and a subset of corporate-client work through Marcus. 

Goldman pinned $3 billion in losses on Platform Solutions in January, and teased the next month that it might put GreenSky up for sale. Goldman CEO David Solomon confirmed the move in April to analysts, calling GreenSky “a good business” that is “performing well,” but acknowledging “we may not be the best long-term holder” for it.

Executive flight

Meanwhile, at least three executives with responsibility toward GreenSky have left Goldman — temporarily or otherwise. Swati Bhatia, the Goldman executive who was listed as co-CEO of GreenSky, announced her departure in January, just before Goldman cut 3,200 positions firmwide. 

Peeyush Nahar, Goldman’s global head of consumer business, said in February that he would leave the bank and take on an advisory role.

And Stephanie Cohen, the head of Platform Solutions, said this month she would take a leave of absence to focus on her family.

“This break will allow me to be the best I can be for Goldman Sachs upon my return, which is something I have taken pride in my entire career,” Cohen said in a memo.

However, several sources told The New York Post this month Cohen’s exit may be permanent.

“Lots of people have ‘family issues’ when their boss can’t run a business,” one source told the publication, which highlighted potential frustration from Cohen over Goldman’s risk-averse culture.

“This is Cohen leaving in a way that doesn’t embarrass David,” a source with knowledge of the decision told the Post. “David can’t afford more people walking out.”

Fratto, however, called the rumor of Cohen’s permanent departure “100% untrue.”

“She will be returning to Goldman Sachs,” Fratto told the Post. “To suggest anything else is completely inaccurate and is relying on speculation from people who are in no position to know.”

A write-down warning

Goldman President John Waldron warned at a conference this month that the bank might take a write-down on the $500 million in goodwill it paid in connection with the GreenSky deal, or on the premium it paid above the platform’s book value.

Goldman, for its part, has been fielding offers for all of GreenSky's business, as well as separate bids for the platform’s loan origination business and its book of existing loans, people familiar with the process told CNBC. Bidders, however, seem to disagree on value. 

One bidder told the network the origination platform is worth roughly $300 million, while another said it was worth closer to $500 million.