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Goldman Moves Digital Bank Marcus to Wealth Unit

  • Bank shuts consumer banking division as it shifts Marcus unit
  • Move shows potential for more wealth offerings through Marcus
Bloomberg business news
Why Goldman Might Be Cutting Marcus Lending Goal
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Goldman Sachs Group Inc. is shifting a heavily touted business line into its wealth-management unit as the bank eyes expansion through products that can be pitched to the division’s customers.

The firm is handing oversight of the Marcus business -- its retail-banking effort, which offers personal loans online -- to its $1.5 trillion investment-management division, according to a memo seen by Bloomberg. The move is aimed at starting new business offerings under the Marcus brand that can be sold to the unit’s expanding roster of clients.