Goldman Sachs Launches Personal Loan Service
Goldman Sachs officially launched its consumer loan platform last week, known as "Marcus". For the factors leading to Goldman's push into retail banking, CFO Harvey Schwartz says:
"The consumer and the market really presented itself to us. We've always had technology skills. We've always had risk-management skills. ... It's just converged for us in a way that works. And we are a bank, so we can do it — and we can get Accretive return."
In regards to fees and how Goldman makes money from this new platform:
"Marcus has no origination, prepayment, or late fees — Goldman Sachs makes money on the interest and allows customers to choose their monthly payment date and customize payment size and loan tenure. Customers can only take out one loan at a time."
Any thoughts on Goldman's entrance into retail banking?
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