Goldman Sachs’ stock reported first-quarter earnings that were deemed to be above expectations, but with revenue figures that fell short. With the launch of its Marcus retail banking business it aimed to grow its revenue away from its traditional investment banking business.
This has been somewhat successful considering said management.where Marcus launched in the UK in 2018 and US in 2016 and has recently and has more than 100,000 customers signed with about $35 billion in deposits for the U.K. and the U.S markets. It offers a very competitive saving account offering compared to some of its rivals.
However despite this ambition its trading activities still account for 41% of the bank’s revenue and more recently its head of product for Goldman Sachs’ consumer bank Marcus left after just over two years.
Goldman seems to betting on a future with its digital only bank comparing to the similar rise of digital banks such as n26 and revolut who has 4 million customers. At the same time Marcus intends to offer other features that potentially could lure more customers with a wealth management feature in the near future.
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