When Harit Talwar joined Goldman Sachs in 2015, consumer banking was just an idea for the legacy financial institution. Now, after building Marcus into a profitable FinTech and handing the reigns to a new leader, Talwar is exiting the bank next month to retire.
“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,” Talwar said in a LinkedIn post on Friday (Sept. 24).
“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,” he said.
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Marcus by Goldman Sachs — named for the legacy institution’s 1869 founder — now has over eight million customers, $100 billion in deposits, nearly $10 billion in card and loan balances, and $1.5 billion in run rate revenue, he said.
The consumer banking division has also partnered with some of the world’s biggest brands, including Apple, Amazon, Walmart, JetBlue, AARP, General Motors and more, he added.
Prior to Goldman Sachs, Talwar was president of U.S. cards at Discover, a company he was with for more than 11 years.
To prepare Marcus for his departure, Talwar tapped his deputy Omer Ismail to take the reins. Ismail, however, soon departed to run Walmart’s FinTech startup. Marcus is now headed by former Uber executive Peeyush Nahar, who joined Goldman earlier this year.
Read more: Walmart Creates FinTech Startup
Marcus is now the second-biggest challenger bank, according to Autonomous Research.
Although Marcus became available in the U.K. in 2018, Goldman has plans to launch a robo-advisory service there in the first quarter of 2022. The U.K. has less than one-third of the $100 billion deposits that Marcus has worldwide, PYMNTS reported.
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