What do Goldman's failed consumer ambitions mean for the future of the company? Hugh_Son reports ahead of Goldman's investor day tomorrow.
, had been purposefully sheltered from the rest of the company. Talwar was fond of telling reporters that Marcus had the advantages of being a nimble startup within a 150-year-old investment bank., when he folded it into the firm's investment management division. Ismail and others had argued against the move to Solomon, feeling that it would hinder the business.
In the process, the Marcus leaders lost some of their ability to call their own shots on engineering, marketing and personnel matters, in part because of senior hires made by Solomon. Marcus engineering resources were pulled in different directions, including into a project to consolidate its technology stack with that of the broader firm, a step that Ismail and Talwar disagreed with.
What is less well-known is that Goldman won the Apple account in part because it agreed to terms that other, established card issuers wouldn't. After a veteran of the credit-card industry namedjoined Goldman in 2017, he was flabbergasted at one-sided elements of the Apple deal, according to people with knowledge of the matter.
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