Member Exclusive, New banks

‘We had the audacity to think big and execute on that bold vision’: Goldman Sachs internal memo includes interview with outgoing head of consumer business, Harit Talwar

  • Harit Talwar built Goldman's consumer banking business.
  • Now, as he transitions out of the role, he looks back on how GS transformed itself.

Email a Friend

‘We had the audacity to think big and execute on that bold vision’: Goldman Sachs internal memo includes interview with outgoing head of consumer business, Harit Talwar

Digital transformation is a fluid and long process for a traditional financial institution. More than any other bank its size, Goldman Sachs has reinvented itself over the past five years. Goldman’s trading floor in the 1990s wouldn’t recognize the firm’s new participation in Apple Card, its new installment loans with JetBlue, and its SMB lending activity with Amazon and

Harit Talwar, head of the bank’s consumer business, was instrumental in remaking the firm’s entrance into consumer and retail banking. Last week, it was announced that Talwar is stepping aside amid a restructuring of the firm’s business that further aligns the new businesses.

Tearsheet has an internal memo that includes an interview with Talwar about his experiences building Marcus and remaking Goldman Sachs. The following is the complete text of the Q&A with Harit Talwar.



Looking back over the last five years, what were you thinking then and what are you thinking today?

Harit Talwar: The thing I am most delighted about is that I actually joined Goldman Sachs to build this Consumer business. I was happy at Discover and had no intention of leaving. I wasn’t sure if the firm was committed to building a consumer franchise because building new businesses can be messy and expensive. And frankly I wasn’t sure whether I would like the culture, so I refused to take any calls. Fortunately for me, the firm tracked me down at a dinner in DC and within six weeks of that dinner, I had joined. 

I joined because during the interview process itself, I fell in love with what I perceived to be the culture of Goldman Sachs. We’re not perfect, but we truly embody the spirit of One Goldman Sachs and believe in team work, excellence, and building an environment where the people bring the best of themselves to work every day. 

Also, I felt that Goldman Sachs had a real advantage to innovate how financial services can be distributed in a modern, digital way while meaningfully extending the franchise. After all, this is one of the best known financial services firms with no existing consumer business at the time. 

This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — $59/mo Already an Outlier member? Sign in to your account

0 comments on “‘We had the audacity to think big and execute on that bold vision’: Goldman Sachs internal memo includes interview with outgoing head of consumer business, Harit Talwar”

New banks

‘Our ultimate goal is to be number one in the’: Behind Temenos’ new push in the US with Jacqueline White, president of the Americas

  • Jacqueline White joined Temenos as president of the Americas at the beginning of 2021.
  • She joins the podcast to talk about what she's seeing in the market and her plans for growing the software firm's footprint in the U.S.
Zachary Miller | March 23, 2021
New banks, Podcasts

‘Ever since I dreamed up Greenlight, investing was always part of it’: Tim Sheehan on the launch of Greenlight Max

  • Greenlight is a quickly-growing financial app targeting teens and their parents.
  • The company just released investing technology to help kids learn good habits of investing by doing it.
Zachary Miller | March 17, 2021
New banks

How fintechs are working with banks to make them more green

  • The financial ecosystem seems to be getting greener.
  • Can fintechs help banks provide greener financial solutions?
Rivka Abramson | March 15, 2021
New banks

‘The financial industry was not built to serve the needs of melanated people because we were excluded from its construction’: Visa partners on crypto with First Boulevard

  • Visa partnered with digital bank First Boulevard for the anticipated launch of its crypto API pilot program.
  • The challenger bank which is focused on increasing financial inclusion for the Black community will enable its customers to purchase, trade and custody digital assets.
Rimal Farrukh | February 25, 2021
New banks

‘It’s difficult for a smaller, local bank to compete against the mega banks’: Inside Trustco Bank’s evolving digital experience

  • New York’s Trustco Bank recently implemented a digital banking platform to improve customer user experiences.
  • The local bank has witnessed over a 50 percent increase in mobile deposits.
Rimal Farrukh | February 11, 2021
More Articles