#WealthTech / Goldman’s Marcus Deposits Increase $4B In Q3 To $96B

Goldman Sachs’ latest results showed continued traction in its digital, consumer banking efforts even as its core trading and asset management segments soared.

As has been previously reported, Goldman said at the beginning of 2020 that it has been targeting $125 billion in consumer deposit balances over five years.

[CEO David Solomon:] “We continue to have success expanding our platform to serve individuals digitally, both directly and through partnerships” … during the period, Goldman launched Marcus Insights integrating Clarity Money’s capabilities into the Marcus app “to give consumers a more comprehensive view of their finances, and we continued to make progress building checking and investment capabilities which will launch next year.”

… “we obviously are building a broader consumer wealth platform to serve individuals and we certainly think there can be opportunities to accelerate the growth of that. In fact, last year we made an acquisition in United Capital that we think accelerated our expansion into high net worth wealth in a meaningful way, and we’ve now been integrating that quite successfully.”

… in its consumer-focused efforts, the company has been “building a digital consumer platform that marries our strong expertise in wealth while also providing a digital experience for general banking services for consumers. We’re committed to it, we believe in it, but we want to be perfectly clear — this is something that’s going to be built over a long period of time.”