22 Jun 2021
Posted in Business Fundamentals
Goldman Sachs hires prominently for Marcus as it looks to expand its digital consumer banking division, finds GlobalData
Goldman Sachs is developing Marcus, its digital consumer business division, by expanding into new products and partnerships and providing digital solutions for consumers to better spend, borrow, invest and save. Job postings for the division increased in Q1 2021 with 151 jobs compared to 103 jobs in Q1 2020, and have been on the rise since December 2020, finds GlobalData, a leading data and analytics company.
Ajay Thalluri, Business Fundamentals Analyst, at GlobalData, says: “Goldman Sachs is hiring across operational roles including consumer engineering, fraud operations, payments platform, marketing, and digital collections. The company is also developing a new automated consumer investment platform for users in the UK. It is focusing on new merchant partnerships to grow its point-of-sale business, Marcus Pay. Goldman Sachs is also poaching senior management talent from other companies to give a fillip to Marcus. For example, its consumer banking division is seeing new hires including the appointment of Peeyush Nahar, who was previously with Uber Technologies, as the global head of the consumer business in May 2021.”
The company plans to develop its Marcus digital storefront team to create web and mobile experiences, as its ‘UX Lead – Vice President’ job posting suggests. Key job postings in 2021 include a ‘Head of Marketing and Comms Product – Vice President,’ for developing Marcus Cards businesses and a ‘Product Management – Vice President’ to develop new products for retail deposits.
The company is also hiring fraud operations management specialists for loss prevention and recovery strategies. For example, ‘Fraud Servicing – Vice President’ looks at fraud operations infrastructure, managing a team of 500 people. Additionally, new product development for consumer fraud management division is targeted through ‘Fraud Risk Capability and New Product Development – Vice President’.
Thalluri concludes: “Marcus will be used to assist consumers with financial products and analysis tools. It is expanding in markets, such as the UK, and has a significant number of patents in the fintech space, suggesting new product development and increased hiring. According to GlobalData’s Patents Database, Goldman Sachs has filed close to 200 patents in the fintech space since 2016.”