Marcus has $110 billion worth of digital deposits and approximately 13 million customers, but Goldman’s consumer business could make a loss of around $1.2 billion this year.
As part of a broader reorganisation, Goldman will look to slim down its operations to focus on three divisions: trading and investment banking, asset and wealth management, and a third division including transaction banking and other partnership operations including those with Apple.
In a conference call outlining the bank’s Q3 2022 results, Goldman chair and CEO David Solomon says organising the firm this way makes it easier for investors “to understand and see how we look at our client set and how we operate against our client set”.
