Goldman Sachs Group Inc. is shifting a heavily touted business line into its wealth-management unit as the bank eyes expansion through products that can be pitched to the division’s customers.
The firm is handing oversight of the Marcus business — its retail-banking effort, which offers personal loans online — to its $1.5 trillion investment-management division, according to a memo seen by Bloomberg.
The move is aimed at starting new business offerings under the Marcus brand that can be sold to the unit’s expanding roster of clients.
A spokesman for Goldman Sachs confirmed the contents of the memo.
New Chief Executive Officer David Solomon earlier this year showcased how some of the wealth group’s initiatives could be used to draw more clients to new consumer products.
While Marcus currently offers only personal loans and deposit accounts, it has ambitions to expand into mortgages, credit cards and retirement-planning products.