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. PUBLISHED BY
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.
And so it begins. Earnings seasons for the big US banks kicks off today. JPMorgan, Wells Fargo, and Citigroup are up first, all reporting today. Next week
Goldman moves closer to offering Marcus checking accounts
Firm announces it will work with digital payments upstart Marqeta on Marcus checking accounts. Marqeta s CEO says Goldman plans to use the firm s technology to issue debit cards into mobile wallets.
January 14, 2021
Goldman Sachs Group Inc. is one step closer to offering checking accounts for Main Street consumers.
The Wall Street giant will work with the digital-payments upstart Marqeta on the offering, which it will debut later this year, according to a statement Thursday. Marqeta Chief Executive Jason Gardner said Goldman plans to use the firm’s technology to issue debit cards into mobile wallets, and for offerings that provide customers with real-time access to spending data.
Email Address
Goldman Sachs has so far been fairly tight-lipped on what the checking account might look like. In October, Visa Inc. announced it had won a deal to be the network for the digital account’s inaugural debit card.
“Integrating with Marqeta’s platform will allow us to create a personalized, feature-rich banking experience for our checking customers,” Omer Ismail, global head of the consumer business at Goldman Sachs, said in the statement.
For years, Goldman has been building out its consumer arm, which goes by the name of Marcus. Last year, the bank said it was seeking to gather $125 billion in consumer deposits with a goal of $700 million in pretax income from the business.