Goldman Consumer Head leaves Walmart Fintech management

Mr. Ismail, who first joined Goldman almost 20 years ago, was part of a group of executives who developed a strategy to expand into digital banking in 2014. At the end of last year, the company generated $ 1.2 billion in annual revenue, amassed $ 97 billion in deposits and held $ 8 billion in consumer loan balances.

Walmart said in January it was creating a majority-owned fintech subsidiary in partnership with venture capital firm Ribbit Capital,

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a funder of Credit Karma Inc., Affirm Holdings Inc.

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and other fast growing startups.

“Our customers have made it clear that they expect more from us in terms of financial services,” Walmart Managing Director Doug McMillon said at an investor event earlier this month. “This new approach will help us respond to them in a differentiated way more quickly.”

David Stark will join Mr. Ismail at Walmart, some people have said. An old Citigroup Inc.

An executive who joined Goldman in 2015, Mr. Stark helped him land and develop credit card offerings with Apple Inc.

and General Motors Co.

Bloomberg News reported earlier that MM. Ismail and Stark were leaving Goldman to join Walmart’s fintech start-up.

Goldman has reshuffled the ranks of its consumer business in recent months. Former Chief Strategy Officer Stephanie Cohen was promoted to Global Co-Director of Goldman’s Consumer and Wealth Management Division last September. Goldman also recently hired Swati Bhatia from payment startup Stripe Inc. in a senior role at Marcus.

“Our company has serious momentum and a deep and growing talent pool,” a Goldman spokesperson said in an email. A Walmart representative did not immediately respond to a request for comment.

Following the departure of Mr. Ismail, Harit Talwar will resume a more active management role at Marcus. Mr. Talwar previously served as Goldman’s global head of consumer activities until early 2021, when he became president.

Write to Peter Rudegeair at [email protected]