Future Finance
Goldman Sachs Executive Says Legacy Retail Banks Are ‘Screwed’
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Traditional consumer banks face an existential threat from new digital challengers, according to a Goldman Sachs Group Inc. executive in the company’s retail unit, Marcus.
“There are two kinds of incumbent banks: There are banks that are screwed, and there are banks that don’t know they’re screwed,” said entrepreneur Adam Dell, founder of personal finance app Clarity Money that was acquired by Goldman Sachs in 2018. He was speaking Thursday at the Fortune Brainstorm Finance conference in Montauk, New York.