Thursday, 22 Oct 2020

Goldman's consumer bank chief to step down in leadership swap: Bloomberg News

(Reuters) – Harit Talwar, the global head of Goldman Sachs Group Inc’s GS.N consumer bank, Marcus, is stepping down as part of a management shuffle, Bloomberg News reported on Monday, citing people familiar with the matter.

Omer Ismail, head of the bank’s U.S. consumer business, will take on Talwar’s role, the report added.

Talwar will remain at Goldman for now as the chairman of the unit, the report added.

Chief Executive David Solomon, who took the reins in 2018, has staked his legacy on transforming Goldman into a different kind of bank and under his leadership, the Wall Street bank is building out Marcus and creating new businesses that manage money for corporations and individuals.

Unlike larger peers such as JPMorgan and Bank of America, Goldman’s consumer business contributes a small fraction of overall revenue, even though it is growing rapidly.

Goldman Sachs did not immediately respond to a Reuters request for comment.

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