It would just be helpful to get some perspective on how we should think about both the expense as well as the credit trajectory from here.Denis Coleman Sure. Thanks. In terms of the overall trajectory for the segment, I think we have to step back. Our number one focus is driving towards profitability. We also mentioned that we look to continue to improve the efficiency ratio. That’s certainly over the course of a period of time. Maybe not every given quarter, but we remain committed to what we outlined. As you say, we’ve seen good top line performance of the business.And on the reserve release, it was a function of owning our point-of-sale business for some period of time, been able to observe it, take in more data. And GreenSky is actually performing better than we had modeled.
And so that was a contributor to the reserve release in the segment.As we think about it on a go-forward basis, it’s obviously going to be a function of origination activities across the platform. We now have a reserve level of roughly 13% in the consumer space. So that can give you a sense of how to model provisions based on forward origination activity.Steven Chubak That’s great, Denis. And just for my follow-up on expense and maybe more like a ticky tack modeling question, the expenses were a bit higher than expectations, but I recall you noted at Investor Day the need to absorb some severance charges. You also had some pretty outsized impairments related to CIE portfolio. Was hoping you can maybe help us quantify the level of one-timers in the expense base this quarter just as we think about benchmarking versus some of your longer-term efficiency targets.Denis Coleman Thank you.
Thank you very much. So let me take that in pieces. In terms of — on the compensation expense, any charges associated with severance and some of the actions that we took in the first quarter are included within our overall comp accrual, which is a 30% — 33% of our revenues net of provisions. That’s embedded inside of that number.In terms of the change in non-compensation expenses, they were flat on a quarter-over-quarter basis, but did include, as you know, $355 million of CIE impairments. And so we thought it was important to call that out. And that also explains a bunch of the year-over-year delta between Q1 ’22 and Q1 ’23. That together with full quarter impact of NNIP helps explain the delta in that line for the first quarter of this year.Operator We’ll take our next question from Betsy Graseck with Morgan Stanley.Betsy Graseck Hi, good morning.David Solomon Good morning.Betsy Graseck So just a couple of quick questions here.
One, on the consumer repositioning that you talked about today with the Marcus loan sales and with your comments around GreenSky, would you say that as those are done and dusted, that would be it for the consumer repositioning?David Solomon I think, Betsy, what we said clearly is we’re narrowing the focus. We continue to be focused on our deposit platform and our credit card platform. I do think there are opportunities for us to do other interesting things strategically and how we think about operating it, but we’re going to continue to examine all the things that we can do to make that as successful as possible. As I just highlighted, we don’t think we’re necessarily the best owner of GreenSky. So we’re taking action on that, and then we’ll continue to move forward to bring the consumer platform — the card platforms to profitability.Betsy Graseck And so there’s some nice capital release that comes from that.
How should we anticipate you’re going to be utilizing that as we look forward here?Denis Coleman So as we see the capital release from some of those activities, that just gives us incremental flexibility with respect to how we ultimately deploy that either back in the franchise and/or returning that capital back to shareholders.Operator Thank you. We’ll take our next question from Mike Mayo with Wells Fargo.Mike Mayo Hi, just a little bit more on the consumer repositioning strategy. How much in the Marcus loans, I think there were $4.5 billion at year-end, did you sell? And what do you intend to do with the rest?Denis Coleman So we sold about $1 billion of the Marcus loans and the balance has been moved to held-for-sale, and so we’ll be looking at moving down that position over time.Mike Mayo And so the marks that you took on these loans, what — on what — how much of those marks were in the $4.5 billion?
Was it only a subset or the entire portfolio?Denis Coleman So we marked the entire — we sold a portion of the portfolio, and then we marked the balance to market. And you’ll see that reflected in the $470 million number moving through net revenues. And our reserve release was $440 million. If you think about the portfolio overall for the quarter, we generated incremental NII, and we had other net paydowns. So for the whole quarter, we generated revenues north of $150 million and it was profitable for the quarter. As we move forward into the second quarter, we’ll continue to generate net interest income on that portfolio and move down the balance of those exposures.Operator We’ll take our next question from Brennan Hawken with UBS.Brennan Hawken Good morning.
Thanks for taking my questions. I’d like to follow up first on a question that Glenn asked about the transactional banking. In the past, in conversations, I believe that you’ve indicated that a lot of the competitors are the regional banks there. So I want to confirm that that’s the case. And then given some of the stress that we’ve seen and concerns around some of those providers, how are you adjusting your strategy in order to continue to build on the momentum that you seem to have shown here in the first quarter? And if we see that continued stress, would you pursue inorganic venues to add scale or capabilities?David Solomon Yes. So appreciate the question, Brennan. The — we think in transaction banking, we have a very good platform, a very good product.
And the feedback that we’re getting from clients about the product offering, how it works, what it allows corporate treasuries and CFOs to do is very positive. It’s obviously attractive for us to take deposits, but we want deposits that are stickier and are here because people are operating on our platform. And so we’re working hard to make sure, as we’re adding clients, we’re bringing the value that attaches the technology to what they’re doing in a way that grows that platform.We are seeing positive results, but this takes time. These are long-cycle decisions. They’re not day-to-day decisions on short-term trades. As Denis highlighted, we had good momentum in terms of customer count where people added themselves to our platform. And so we’re going to continue to focus on that.
I do think, given the size and the strength of Goldman Sachs, as a G-SIB and the way we’re positioned, we’re well positioned to compete with our clients for this business, coupled with the fact that we have an excellent product offering. So we are going to stay focused on that and we expect the business to grow over time.Brennan Hawken Great. Thanks for that color. Appreciate it. And then for my follow-up, you all just announced this morning the new deposit arrangement with Apple. And the yield on that is pretty close to Marcus, a little above. How should we think about the economics of that Apple relationship and the deposits specifically? And then how do you manage potential risk for cannibalization with your own Marcus offering? Thanks.David Solomon So thank you for the question.
So obviously this is something that we launched yesterday that gives us another deposit channel. It’s the opportunity for somebody that’s a credit cardholder to put a deposit on. We’ve obviously looked very closely at the overlap between who holds credit cards and who holds — who has a Marcus deposit and that overlap is small, but we’ll obviously watch closely to see whether or not there is any cannibalization. But this is a way for us to try to open up another deposit channel and it’s always good for us to broaden our deposit base. And so this is small at the moment and we’ll watch it carefully, but I think it’s an interesting opportunity for the firm.Operator We’ll take our next question from Devin Ryan with JMP Securities.Devin Ryan Great.
Good morning, David, Denis. I want to just touch on the equity financing strength in the quarter. I know you kind of highlighted spreads and customer activity, but also appreciate this is an area of focus for the firm bigger picture. So just love to think about kind of where we’re jumping off of into the second quarter and whether the first quarter benefited from the market stress and that maybe you do syncretic things that happened during the quarter or if this is actually a reasonable kind of jumping off point, and just maybe a better outlook for that business for the rest of the year.Denis Coleman Sure. I appreciate that question. I’ll give you some context to help you understand sort of the sequential activity and the direction. So our overall balances were a lot lower into the end of last year based on overall market levels and also as we reduced our footprint.
