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Goldman Sachs reports a 58% drop-in profit as it pulls back from consumer lending.

And as businesses and labor unions square off over the future of artificial intelligence,

what lessons can be learned from efforts to regulate social media?

And there was a feeling that social media was going to be also very transformative,

but at the time, there were definitely people who were talking about the potential problems,

but the bulk of the public conversation was around the possibilities.

Plus, Netflix adds millions of subscribers after placing limits on password sharing.

It's Wednesday, July 19th.

I'm Ann Marie for Tolley for the Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that move the world today.

Goldman Sachs reported sharply lower profits in the second quarter as it pulled back from

consumer lending. The bank reported a 58% drop from the year before.

Our heard on the street reporter, Tellus Demos, told me why the latest earnings report was so volatile.

A lot of what we saw in the second quarter results from Goldman reflected a bunch of

sort of one-time items. One of the major ones was an impairment in the value of a consumer lending

company called Green Sky. The Goldman had bought as part of its consumer banking strategy.

Goldman has been winding that down, and among the things it's doing is looking to potentially sell

that Green Sky business, and so it took an impairment in the value of that. That accounted for

...