Goldman Sachs looks for deals to boost Marcus, Reuters

Friday 15 January 2021 14:40 CET | News

Reuters has cited sources stating that Goldman Sachs is considering acquisitions to improve its consumer banking unit Marcus, after slowing loan and deposit growth in 2020 amid pandemic.

Goldman management has put a high bar for any deal to be large and transformational, the sources cautioned. One of the sources said the bank had M&A bankers crunching numbers on ‘different ideas’. Digital banking is one area of interest. The pandemic has strengthened management’s belief that online activity will be central to future growth within the industry and branches will continue to have a diminished role, the source said, according to Reuters.

As a result, executives are ruling out any deals that involve acquiring branches. Digital businesses that bring in new customers or unique technologies would be attractive to the bank, the source said. When inquired by Reuters, Goldman Sachs declined to comment.

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Keywords: Goldman Sachs, Marcus, consumer banking, loan, deposit, pandemic, bank, M&A, digital banking
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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