Goldman Sachs Executive Leading Consumer Finance to Depart

▲Harit Talwar

[Asia Economy Reporter Kwon Jae-hee] Harit Talwar, head of the consumer finance division who led Goldman Sachs' entry into the consumer finance market, will leave Goldman Sachs this October.

Talwar, who previously served as the head of Discover Card's U.S. branch, joined Goldman Sachs in 2015.

Until now, Goldman Sachs has focused on investment banking (IB) sectors such as asset management for traditional wealthy clients and mergers and acquisitions (M&A) between companies. However, facing declining profitability, the firm has been driving efforts to strengthen retail banking targeting individuals for several years. The person leading this initiative is Harit Talwar. Talwar expanded the customer base from affluent clients to retail banking consumers and led the development of the consumer finance digital platform "Marcus."

Launched in 2016, Marcus offers services such as savings accounts, personal loans, and investment advisory to individuals, marking Goldman Sachs' full-scale entry into the retail finance sector. Currently, Marcus has grown into a business with over 2,000 employees, more than 8 million customers, $100 billion in deposits, and $10 billion in loans and card balances.

According to research firm Autonomics, Marcus is ranked as the second-largest digital banking service provider after Square's Cash App.

Regarding Marcus, Talwar said, "Looking at what we have achieved over the past five years, in terms of deposit size, product range, and partnership scope, all are unprecedented," adding, "This is one of the industry's top fintech stories."