Goldman Sachs Group Update
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The Goldman Sachs executive, who led the way in consumer banking, is leaving 10 months after being given the responsibility of running the day-to-day business.
Green Sword will leave Goldman in October. The departure crystallizes the transition to a new level of leadership in its consumer business, the biggest initiative of Wall Street Investment Bank in decades.
Talver, the former U.S. card boss at Discover, joined Goldman in 2015 as the first employee to become its new consumer-oriented business brand. The goal was to find new sources of income through banking retail depositors and orrow recipients, bringing diversification from Goldman’s traditional thematic client base to large organizations and wealthy individuals.
“We have started to build a fintech inside the 150-year-old investment bank. There were a lot of suspects, some openly inside the firm and many more outside, whether it could be done, ”Talwar told the Financial Times.
Marcus Goldman, founder of Talwar Bank, led the introduction of Marcus. Goldman has partnered with other companies, such as Apple, to promote financial products, including credit cards.
Marcus now has more than 2,000 employees, 8 million customers, 100 100 billion in deposits and about 10 10 billion in loans and card balances.
An autonomous study report this month put the value of Goldman’s Marcus business at between $ 7bn and $ 11bn. Goldman’s total market capitalization is about 130 130 billion.
Autonomous estimates that Marcus is the second largest “neobank” in terms of revenue behind Square’s Cash app, a digital banking service provider.
JPMorgan Chase, the largest U.S. bank with an extensive network of brick-and-mortar branches, had just 1 billion in deposits between its consumer and community banking units at the end of the second quarter.
“If you look at what we have achieved in the last five years, in terms of deposit size, product range, partnership range, it’s unprecedented. It’s one of the best fintech stories in our minds.
Goldman’s consumer business has been changing at the top. In early 2021, Talwar handed over day-to-day management to his longtime deputy, Omar Ismail, who soon fired Goldman for Walmart. Talwar was chairman of Goldman’s consumer division and a partner in the bank.
The consumer business is now run by Piyush Nahar, who joined Goldman earlier this year working at Uber and Amazon.
In a bid to boost Goldman’s consumer business, the bank last week announced a 2.2 billion deal to buy online lender Greensky.
“We have savings, nding, investments and we are close to starting checking. “We’re reaching a moment where we can help someone manage their financial lives,” Stephanie Cohen, Goldman’s global vice president of consumer and asset management, told the Financial Times.
Talwar is the latest senior executive to leave Goldman, Stephen Sherr, the bank’s chief financial officer, said last week that he would leave after 28 years.