Oct 22, 2018

Goldman Sachs expanding plans for online loan platform

The Goldman Sachs bank logo is seen reflected on the screen of a mobile phone.

Photo: Jaap Arriens/NurPhoto via Getty Images

Goldman Sachs is shifting its digital personal loan and high-interest savings business "Marcus" to the now-combined consumer and investment management division, multiple outlets reported and Axios confirmed.

Why it matters: Goldman Sachs CEO David Solomon said the company plans to launch a product that combines "Marcus" with Goldman Sachs' existing products, according to an internal memo obtained by Axios. The goal is that this allows the bank to serve not just hedge funds or the ultra-rich, but a "broader spectrum of individual consumers and investors," which Solomon talked about before he became CEO. CNBC reports this offering could potentially take the form of a robo-advisor.

Note: This story has been updated with details from the memo.

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