Goldman Sachs’ short lived retail banking business Marcus is being reabsorbed into the wealth management unit.
In Brief:
Marcus, the digital unit, is being brought back into the bank’s asset and wealth management division.
This is being described as part of a wider reorganisation.
Marcus was launched in 2016 and has gained 13mn customers and more than $100bn in deposits.
What does this mean?
The bank’s CEO David Solomon said the move is a "better place for us to be focused than to be out massively looking for consumers”.
