Goldman Sachs exec who led Marcus retires

Goldman Sachs exec who led Marcus retires

Harit Talwar, the man who has led Goldman Sachs' foray into consumer banking as the head of Marcus, is retiring.

Talwar joined Goldman Sachs from Discover Financial Services in 2015 as the first employee of the consumer business later called Marcus, charged with helping the investment bank find new revenue sources.

Six years on, Marcus has eight million customers, $100 billion in deposits and nearly $10 billion in loans and card balances. It has also struck partnerships with the likes of Apple, Amazon and Walmart.

At the beginning of the year, Talwar took on the role of chairman, handing over the running of the unit to Omer Ismail. However, Ismail quickly decamped to Walmart to take charge of the US retail chain's up-and-coming fintech startup and was replaced by Uber executive Peeyush Naha.

In a LinkedIn post confirming that he will retire next month, Talwar writes: "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!"

He continues: "How often do you have the opportunity to build a modern digital business inside a 150-year-old preeminent investment bank? We had the audacity to think big, and it’s safe to say we proved the skeptics wrong".

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