The expansion into a mainstream proved expensive.
Yeah. Marcus was the name of the big dream.
And you know you don't have to think back too far to remember when fintech
was all the rage. And Goldman CEO David Solomon spent the
better part of the last four years pitching the benefits of a full service
digital bank. Now with the bank under pressure the
changing environment is forcing Goldman CEO to shake up his own dream for a new
source of business. That big foray into Main Street handling
money for the masses there reining that back in.
You at one point he jumped on a flight to meet Reese Witherspoon the movie star
the star of Legally Blonde. She later sold her own media empire for
big money. But she had wanted to offer her online
legions of fans and online financial service.
And so Solomon was thinking Marcus could do the trick.
But look at the trajectory of Goldman Sachs stock down more than 20 percent
this year. All of that has created an environment
where shareholders not that happy with Marcus.
And take a look at what they're doing the restructuring consumer service plans
reining in a lot of the consumer related plans such as credit cards.
And so this is a restructuring of the big foray into retail banking.
Little slimmed down. Back to you.