Goldman CEO to staff: People would be 'throwing money' at Marcus if it was a Silicon Valley start-up
this week for customer satisfaction in personal loans, topping other big banks and fintech upstarts, Solomon soaked in the moment.
In the post-financial crisis era, retail banking fueled by cheap deposits earns a far higher return than capital markets businesses, which is whyis making this push. But Marcus sits within a company that still gets most of its revenue from Wall Street activities like trading and mergers advice, and the trading businesses in particular have been exposed to an industry-wide decline. Goldman shares have fallen 17% in the past year.is at an inflection point.
institutional deals during the financial crisis, leading Rolling Stone to label the bank a "vampire squid"Now, through Marcus, the bank is looking to help average Americans save a few dollars here and there. Goldman's threats to disrupt the other big banks have brought skepticism. The rest of the card industry is watching the rollout of the Apple Card afteramid doubts it could earn an acceptable profit on the partnership, CNBC reported last month.
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