19 October 2022

Goldman Sachs’ Marcus is absorbed

Written By FinTech Alliance

Goldman Sachs’ Marcus is absorbed

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”. 

Read more here. 

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