Goldman Sachs exec who led consumer banking push due to exit
A Goldman Sachs executive at the forefront of the company’s push into consumer banking is due to exit in October.
Harit Talwar was the first employee of Marcus, the bank’s consumer lending business which now has 8m customers, $100bn (£72.8bn) in deposits and boasts partnerships with brands including Apple, Amazon, Walmart and General Motors.
In a LinkedIn post Talwar said, “six years ago, I left a big job at a great company to be the first employee of an idea – that Goldman Sachs could build a modern consumer business. Many people thought I had lost my mind! As I get ready to retire this October, I feel blessed to have been part of the team that built Marcus by Goldman Sachs.”
“If you told me we would accomplish so much in just five years from launch, I would have said you were crazy!” he added.
A report by Autonomous Research pegged the value of Marcus at between $7bn and $11bn earlier this month, while Goldman’s total market capitalisation stands at $130bn, the FT first reported.
Talwar said that the pace of growth had been a challenge for his team saying “It wasn’t always easy.”
“The team has given more than perhaps in prior jobs, but maybe that is the price of building something this extraordinary at an unprecedented pace,” he continued.
The consumer business is now run by Peeyush Nahar, who joined Goldman earlier this year. Talwar previously passed over the day to day running of Marcus to his longtime deputy, Omer Ismail, who left Goldman’s for Walmart soon after.
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