Goldman Sachs leader who led the establishment of consumer banks is expected to step down

Updates of Goldman Sachs Group

Goldman Sachs chief executive who led his insistence to use the consumer bank is leaving, 10 months after offering a full-time business.

Harit Talwar will release Goldman in October. This departure marks the transformation of another leadership position in its consumer business, one of the largest in the Wall Street bank for decades.

Talwar, a former US card holder at Discover, joined Goldman in 2015 as the first to work on what will be Marcus, the new consumer lending business. The aim was to find new ways to earn money by borrowing from retail and lending banks, in contrast to Goldman’s corporate client and corporate.

“We started making fintech within a 150-year financial bank. There were many skeptics, some honestly within the company and many others outside, if that were to happen,” Talwar told the Financial Times.

Talwar led the establishment of Marcus, named after the founder of the bank Marcus Goldman. Goldman has also partnered with other companies such as Apple to push financial matters, including credit cards.

Marcus now has more than 2,000 employees, 8m customers, $ 100bn in deposits and about $ 10bn in credit card payments.

This month’s Autonomous Research report set the value of Goldman’s Marcus businesses between $ 7bn and $ 11bn. Goldman’s total market capitalization is approximately $ 130bn.

Independent says Marcus is the second largest “neobank”, a fundraiser for digital banking, and cash behind Square’s Cash App.

JPMorgan Chase, the largest US bank with a large group of brick and mortar branches, had more than $ 1tn in those countries within consumer and group banks at the end of the second quarter.

“If you look at what we’ve done over the past five years, whether it’s the size of the deposit, the amount of things, the amount, the deal, it’s never happened. In our opinion, it’s one of the best antiquities in the industry,” Talwar said.

Goldman’s business model has undergone a surface change. Talwar in early 2021 provided daily care for his former deputy, Omer Ismail, who recently he left Goldman of Walmart. Talwar remained at Goldman as chairman of the purchasing department and a partner in the bank.

The retail business is now run by Peeyush Nahar, who joined Goldman earlier this year when he previously worked for Uber and Amazon.

To show that Goldman wants to expand its business, the bank last week announced a $ 2.2bn deal gula Online credit provider GreenSky.

“We have the money, we are lending, we have invested, and we are about to start a review. We are in the process of helping someone to manage their financial lives,” Stephanie Cohen, Goldman’s global purchasing director, told the Financial Times.

Talwar is the most recent major to get out Goldman, and Stephen Scherr, chief financial officer, say they will leave after 28 years.

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