Goldman Sachs moves the Marcus digital bank into its asset management unit, signaling an expansion of wealth management, although the nature of this situation remains unclear.

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Goldman Sachs

Marcus has transferred its two-year consumer bank brand, Marcus, to its asset management unit, which will be renamed the Consumer and Investment Management Division, the bank said Monday in an internal memo. .

Previously, Marcus was part of Goldman's investment and credit division (ticker: GS), which includes the bank's investment banking and investment teams.

"With this milestone, our consumer digital finance platform will have an expanded mandate to expand our customer base, expand our distribution channels, and launch new products leveraging the company's strengths and capabilities around the world." ", Says managing director David Solomon with the chief financial office Stephen Scherr.

Marcus plans to "launch a wider wealth management offer," says the memo. Launched in 2016 to diversify the bank's sources of revenue and financing, Marcus 'retail strategy represents a break with Goldman Sachs' corporate, corporate and high net worth strategy.

Most of the crucial details of the extended wealth management products – who exactly are the clients, what are the minimums of the accounts, if any, and even how they will be called – are still uncertain.

Solomon's memo is actually an announcement that will announce an announcement but represents a commitment by the new CEO of Goldman to continue the development of the bank beyond its traditional business lines. This is also another data point in the trend of bank and asset management technology-based products such as robo-advisers.

The Marcus business, led by former Discover executive, Harit Talwar, currently has more than 2 million customers, $ 4 billion loan balances and $ 30 billion deposits.

Last week, Goldman Sachs reported a third-quarter profit higher than analysts' estimates, with revenue of $ 8.36 billion and adjusted earnings per share of $ 5.39. The former headquarters of Marcus, the Investments and Loans Division, saw net interest income rise from about $ 450 million in the third quarter of 2017 to about $ 700 million.

Goldman shares ended the day down 2.4% to $ 221.60.