Goldman Sachs Transfers Robo-Investing Accounts to Betterment
Continuing its departure from consumer finance, Goldman Sachs announced an agreement to transfer its robo-investing accounts to Betterment, a financial app company. Goldman’s aspirations of becoming a consumer finance leader with its Marcus launch in 2016 have shifted.
Last year, the bank significantly scaled back its consumer finance operations after incurring billions in losses. In recent months, Goldman has sought to divest its General Motors credit card program, sold specialty lender GreenSky, and Rithm acquired $1.4 billion of Marcus loans.
The digital investing accounts will transition to Betterment on or around June 29, 2024. Customers have the option to opt out of the transfer. Betterment will acquire Marcus Invest accounts and assets under management, with no additional accounts, technology, employees, or operations included in the transaction.
Meanwhile, Goldman Sachs will focus on expanding its Marcus Deposits platform, which has over 3 million customers and $100 billion in consumer deposits. Marcos Rosenberg, global head of Goldman Sachs Marcus, stated, “As we prioritize our growing Marcus Deposits platform, we decided to transition away from our digital investment advisor offering and wanted to secure a suitable home for those customers.”
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