Goldman Sachs to concentrate on consumer banking arm Marcus for growth
The COVID-19 pandemic has forced the bank to look towards digital banking as the path to future growth.
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Marcus through acquisitions and concentrating on digital banking.
Last year, the bank planned to gather $125 billion in consumer deposits with a goal of $700 million in pretax income from the business. But, the coronavirus’s arrival slowed all plans.
The management has set its M&A department on to the task of coming up with potential deals though Goldman has put an “extremely high” bar for any future deal, considering its recent troubles.