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Goldman has been winding down consumer bank operations for awhile. Checking/savings account division (Marcus?) was sold off or dissolved

by xyst 2y ago

RobRivera 2y ago
They sold off Marcus? Lul. They were begging for (below market wage) devs to pack those seats pre2020
- MarkSweep 2y ago
  That explains why they have been unable to implement CSV export of transactions all these years.
- xyst 2y ago
  Looking back. They sold off consumer investment division in April 2024 to Betterment [1] GS offloaded $1B in consumer loans to Varde the year prior [2]. Marcus website doesn’t even have a way to apply for personal loans. Then of course the widely discussed bad terms of the Apple and GS partnership and rumors of GS trying to sell this to another bank. [3] Not quite sold off but consumer division is circling the drain. [1] https://finance.yahoo.com/news/betterment-acquire-digital-investing-accounts-163000538.html https://finance.yahoo.com/news/betterment-acquire-digital-in... [2] https://www.reuters.com/business/finance/goldman-sachs-offloads-1-bln-marcus-loans-varde-bloomberg-news-2023-07-13/ https://www.reuters.com/business/finance/goldman-sachs-offlo... [3] https://www.aol.com/news/apple-talks-jpmorgan-bank-over-201638069.html https://www.aol.com/news/apple-talks-jpmorgan-bank-over-2016...
zippergz 2y ago
News to me, since I still have a Marcus account that is fully functional and the website says "Goldman Sachs" all over it. I've been expecting it to split off or shut down at some point, but no signs of it so far from my perspective.
- WorldMaker 2y ago
  Supposedly the handover isn't actually until "next Summer" though the deal to sell it to Barclay's seems "done" as of October (which the parent article also mentions): https://gmauthority.com/blog/2024/10/gm-and-barclays-announce-long-term-credit-card-partnership/ https://gmauthority.com/blog/2024/10/gm-and-barclays-announc...

Goldman has been winding down consumer bank operations for awhile. Checking/savings account division (Marcus?) was sold off or dissolved

by xyst 2y ago

Goldman has been winding down consumer bank operations for awhile. Checking/savings account division (Marcus?) was sold off or dissolved

RobRivera 2y ago

They sold off Marcus? Lul. They were begging for (below market wage) devs to pack those seats pre2020

MarkSweep 2y ago
That explains why they have been unable to implement CSV export of transactions all these years.
xyst 2y ago
Looking back. They sold off consumer investment division in April 2024 to Betterment [1] GS offloaded $1B in consumer loans to Varde the year prior [2]. Marcus website doesn’t even have a way to apply for personal loans. Then of course the widely discussed bad terms of the Apple and GS partnership and rumors of GS trying to sell this to another bank. [3] Not quite sold off but consumer division is circling the drain. [1] https://finance.yahoo.com/news/betterment-acquire-digital-investing-accounts-163000538.html https://finance.yahoo.com/news/betterment-acquire-digital-in... [2] https://www.reuters.com/business/finance/goldman-sachs-offloads-1-bln-marcus-loans-varde-bloomberg-news-2023-07-13/ https://www.reuters.com/business/finance/goldman-sachs-offlo... [3] https://www.aol.com/news/apple-talks-jpmorgan-bank-over-201638069.html https://www.aol.com/news/apple-talks-jpmorgan-bank-over-2016...

zippergz 2y ago

News to me, since I still have a Marcus account that is fully functional and the website says "Goldman Sachs" all over it. I've been expecting it to split off or shut down at some point, but no signs of it so far from my perspective.

WorldMaker 2y ago
Supposedly the handover isn't actually until "next Summer" though the deal to sell it to Barclay's seems "done" as of October (which the parent article also mentions): https://gmauthority.com/blog/2024/10/gm-and-barclays-announce-long-term-credit-card-partnership/ https://gmauthority.com/blog/2024/10/gm-and-barclays-announc...