Goldman Sachs will soon be offering an online lender for the masses, its first step into consumer banking, according to an article by Nathaniel Popper for The New York Times.
The new banking operation will be called Marcus, after the company chose founder Marcus Goldman over his business partner Samuel Sachs, the article states.
From the article:
Marcus is expected to be officially unveiled when the bank is ready to roll out the offering, most likely in October, according to people who were briefed on the plans.
Are more personal names becoming the new trend in the mortgage industry?
Earlier this year, Nationstar Mortgage confirmed what HousingWire first speculated on in December then reported in January – that the company would be launching a massive rebranding effort, combining its originations and servicing business under the name Mr. Cooper.
Goldman Sachs will begin by offering small consumer loans. This new venture is a way of pulling in extra income despite new regulations, the article states.
From the article:
Goldman has historically served corporations, governments and the ultra-wealthy. But new regulations introduced since the financial crisis — as well as difficult business conditions — have pushed Goldman and other Wall Street firms to look for new lines of revenue.
The online savings bank and Marcus are Goldman’s way of making use of the bank holding status that the company was forced to acquire during the financial crisis. There have been internal discussions about offering additional retail financial services, such as small business loans, through Marcus sometime down the road, people briefed on the plans said.
