Goldman's consumer focus with its Marcus brand has it taking up more resources, more time, and more people. The bank has allocated billions of dollars to build out its consumer arm, but payback on that investment isn't expected anytime soon.
Goldman’s consumer business, which includes Marcus as well as the bank’s credit card, generated $822 million in revenue over the four quarters ended Sept. 30, representing just 2.4 percent of the bank’s total revenue during the period. Goldman launched Marcus as part of a broader strategy that was initially expected to generate $5 billion in fresh annual revenue by entering new businesses and growing existing ones.
In the buildup to the launch of the Apple Card, we looked at the Apple team behind the new product. Seeing the composition of a leadership team is helpful to get some insight into all the skillsets involved. Examining the experiences and perspectives that get invested into new products and services can give outsiders a taste of where the business is ultimately headed.
Here's a who's who of the Marcus by Goldman Sachs team.
Harit Talwar, Head of Marcus: Harit is the head of Goldman's Digital Finance group with a focus on the online lending and deposits businesses. Before joining GS as a partner in 2015, he was president of US Cards for Discover Financial Services as well as chief marketing officer.
Adam Dell, Partner, Head of Product: Michael Dell's brother, Adam had founded Clarity Money, which Goldman Sachs acquired in 2018. Since then, he's functioned as the head of product for Marcus. Three years after launching Marcus, Goldman introduced a mobile app that the bank intends to be the cornerstone of the bank going forward.
Abhinav Anand, Managing Director - Head of Consumer Lending: Abhinav originally built out Marcus' strategy and analytics capabilities, including credit, marketing, finance, and data science functions. Now he runs consumer lending. Like Talwar, Abhinav hailed from Discover where he served as chief model risk officer and head of operational risk.
Gopi Tammana, Managing Director, Head of Credit Risk: Managing Goldman's credit risk for Apple is a bit like steering a huge ship through the dark. Within 2 months of launch, Goldman had extended $10 billion in credit. Prior to Goldman, Gopi was the regional head of unsecured risk strategy for Asia cards and loans for Citi, based in Singapore.
Marcos Rosenberg, Managing Director, Head of US Consumer Deposits: Previously the head of consumer lending at USAA, Marcos has been at Goldman Sachs for a little over two years. He's tasked with growing the deposit side, creating and partnering new products, and creating great consumer experiences.
Elisabeth Kozack, Managing Director, Product and Partner Strategy - Digital Lending: Elisabeth spent nine years at Amex, culminating in the role of GM of the firm's flagship Platinum Card and super-premium Centurion (Black Card) portfolios. At Marcus, she is responsible for product and customer strategy for personal loans, including new product development and end to end customer experience.
Tony Elliott, Global Co-Head of Strategic Initiatives and Execution: Tony has been at Goldman Sachs for 14 years, based out of London.
Shirley Yang, VP, Head of Marketing - Deposits: A former McKinsey partner, Shirley joined Goldman in 2018 after spending six years at the consultancy.
Mandy Huang, VP, Head of Digital Marketing & Product Analytics: Mandy leads digital performance marketing and funnel strategy through site optimization for Marcus' personal loans business.Mandy has an accomplished career spanning Amex, Capital One and short stint at Facebook, where she was responsible for developing measurement solutions and strategies to help financial services clients assess ad effectiveness.
Elaine P. Kanak, Vice President, Customer Marketing & Engagement: Elaine came to Goldman after six years at Amex running cross-channel marketing campaigns and enrollment and engagement experiences for consumer lending products.
Tyler Munson, VP, Engagement Marketing: Tyler at run Clarity Money's CRM activities before the acquisition by Goldman. He has also been the CRM Strategy Leader at Wells Fargo.
Pete Tiwari, Head of Digital Product Management, Deposits: Pete has been at Goldman for three years after stints of running product at Amazon, CommonBond, and OnDeck.
David Lowy, Vice President, Digital Finance Products: David spent 11 years at Amex, leading product marketing for premium, digital products and rewards. He owned strategy, P&L, pricing, value proposition, and branding/positioning for small business products that drive significant share of business unit revenues.
Kara McCaleb, Vice President, Digital Product Management: Kara has been at Goldman for almost five years. Her previous experience included a four year stint as a business consultant at Sapient.
Arun Handa, VP Digital Product Management: Arun handles digital product strategy and execution for customer service and operations at Marcus by Goldman Sachs. This includes NLU/IVR, chat, CRM, and case management, as well as fraud detection and management. Arun spent over a decade at financial services firms Capital One and HSBC Card Services.
Eli Entin, Vice President Product Management: Eli comes to Goldman from iCapital where he was head of product. Before that, he was VP of Product Management at OnDeck.
David Chen, Vice President, Digital Product Management: David manages the digital experiences and drives engagement on personal loan products. He lead the development of a personal financial manager mobile app to help consumers achieving better financial health. Before coming to Goldman, David was in product at Audible and Facebook and Vevo.
Chachu Wu, Vice President, Digital Product Strategy: Chachu handled partnerships and business development at Amex's Digital Labs for three years before coming to Goldman.