The bank launched Marcus in 2016 to diversify its revenue and funding sources by offering savings accounts and personal loans to retail customers. Until then, Goldman Sachs had operated primarily as an investment bank and trading house since its founding in 1869, using mostly money from the wholesale market.
Goldman Sachs officials have declared that one of the most common customer requests has been for the bank to launch an app, and software engineers and developers “spent the better part of 2019” creating one. Software engineers and developers who worked on Clarity Money, a personal finance startup Goldman bought in 2018, were tasked with developing the Marcus app. The bank reported that its consumer bank, which includes Marcus and its credit card business, contributes less than 3% of its overall revenues.
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