Goldman Sachs sees a $1 billion opportunity in a business aimed at Main Street
Marcus, launched in October 2016, is the firm's first consumer lending platform. It's an online tool that offers fixed rate, no-fee personal loans of up to $30,000 for two- to six-year periods to borrowers with prime credit scores.The firm sees a $1 billion opportunity in the new offering, according to a slideshow presentation by the bank's president and co-chief operating officer, Harvey Schwartz.
Marcus is part of a broader strategy shift by the investment bank, which is best known for trading and investment banking.It has been expanding its retail footprint, launching GSBank.com in April 2016. GSBank.com offers customers 1.20% interest rate on their deposits, which can be as low as $1, as well as 12 month- and 5 year-term CDs. The retail platform has $15 billion in deposits, according to the presentation.
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