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The head of Goldman Sachs’ consumer finance unit resigns.
Swati Bhatia, a former PayPal and Stripe executive who joined Goldman in February 2021, plans to leave, according to an internal memo from the bank seen by PYMNTS on Wednesday (Jan. 4). Her retirement comes at a time when Goldman Sachs is winding down some of its consumer banking operations.
“Since joining the company, Swati has led the industry in customer-first thinking and focused on creating an integrated experience across Marcus products,” said Goldman, referring to its retail banking offering. the memo said.
It also mentions Bhatia’s work in consolidating Green Sky, a home improvement loan acquired by Goldman in 2021. Bhatia will continue as Goldman’s “advisory director,” according to the memo.
Meanwhile, Goldman said the bank’s former COO of Consumer and Wealth Management, Zeeshan Razaki, has been named co-head of GreenSky, while the company’s co-founder, David・Announced that they are cooperating with Zarik.
As PYMNTS wrote following Goldman’s $2.2 billion acquisition of Green Sky, the bank has stepped up its consumer banking business, especially during the pandemic.
But things have changed in the last few months. In December, there were reports that Goldman Sachs was considering cutting hundreds of people from its consumer business, while also considering stopping personal loans through Marcus.
And in October, Goldman appeared to undergo one of the biggest reorganizations in its long history, streamlining it into three divisions: investment banking and trading, wealth and wealth management, and transaction banking. . This change included incorporating Marcus into the bank’s wealth division.
At the time, CEO David Solomon told analysts that Goldman Sachs’ new direct-to-consumer (D2C) strategy would “connect with existing deposit customers that banks already access through channels such as work and personal wealth. It means focusing on the consumer,” he said. than trying to get customers on a large scale. ”
Last year, there were also reports that another banking giant, Citigroup, was planning to end its retail banking operations in the UK and shift its focus to its wealthiest customers.
This meant turning wealthy customers into private banking services, curtailing retail business, and closing accounts of unqualified customers.
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