Goldman’s Marcus has scaled extraordinarily fast having provided $2.4 billion in consumer loans; some analysts have expressed concerns on the...
Marcus has originated more than $3bn of loans since inception, recently it has become know that more than 10 percent of the loans were sub prime; they have said this is a natural evolution of the loan business and they are being very selective in approving of applications. Source.
Bloomberg reports on Goldman Sachs’ new San Francisco office culture which has no dress code and offers kombucha in the break room; Jeff Winner was hired this year to run the office which aims to employ 80 people; Winner leads the engineering team behind their successful consumer brand Marcus; with their new office location they will compete for talent from names like Google and Amazon. Source
As rates rise fixed income investors are looking for places to put cash; Lend Academy shares the latest rates on savings and CD accounts as well as a look at the newly branded Marcus by Goldman Sachs bank account. Source
This week’s PeerIQ Industry Update covered the strong job growth reported and the chances of a rate hike in March; Marcus made key hires in an effort to launch a credit card as it builds out their consumer banking businesses; Marlette completed its largest securitization for $464mn and saw the senior tranches of the deal rated AA by Kroll; PeerIQ also highlighted key points from testimony by Nat Hoopes of the Marketplace Lending Association when he testified before the House Financial Services Committee. Source.
The move by Goldman Sachs into retail banking with Marcus has been a big shift for the bank and thus far has paid off; speaking to CNBC Goldman Sachs CEO Lloyd Blankfein talked about their move to consumer lending, their expansion of digital banking with Marcus and the focus on developing in house technology. Source.
Marcus by Goldman Sachs announced it had bought PFM app Clarity Money, their 16th fintech acquisition in the past three years; the company is looking to create a digital storefront for the Marcus brand; Marcus believes the acquisition will help it to give them a competitive advantage and build revenue. Source.
The bank is currently recruiting engineers to help launch the online lending platform Marcus in the UK according to Business Insider who found the job listings; last September Goldman Sachs said the Marcus brand would launch in mid 2018; Goldman Sachs’ Marcus has taken off in the US and have been aggressive in expanding their consumer finance offerings. Source
Lloyd Blankfein recently presented at the Credit Suisse 19th Annual Financial Services Forum; Blankfein shared that Marcus has access to over $17 billion in deposits; since the acquisition of GE Capital, retail deposits have grown 90% which gives allows them to access cheap capital; Goldman plans to grow consumer products offered through Marcus. Source
Ainsley Harris reported in Fast Company today that Goldman Sachs is acquiring the employees who built Final, a credit card...