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For two years before the 2008 financial crisis, Walmart was embroiled in controversy over a plan to open its own bank, eventually withdrawing amid pressure from regulators and Wall Street lobbies. Some 14 years later, the retail giant is gearing up for an even more serious fight.
This is an audacious poaching effort, and the move to capture such fintech talent signals just how committed Walmart is this time around to turning into something resembling a “Bank of Walmart.” For years now, Goldman has prioritized growth in its consumer bank, Marcus, as a way to shift toward more consistent fee-generating businesses and away from volatile Wall Street trading and banking revenue. Just two weeks ago, Goldman revealed Marcus Invest, which allows individuals with at least $1,000 access to its robo-adviser strategy. Marcus already has successful savings accounts and is on track to provide checking accounts, with Goldman aiming to lure more than $100 billion in consumer deposits.
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