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For more than a year, the firm’s consumer-banking arm has strained to ready online checking accounts that will let users set up direct deposits and pay their bills online but is reconsidering how to launch for the masses as senior executives wrestle with cost overruns that are set to top $4 billion since unit’s inception.
David Solomon, who quickly embraced the nascent consumer unit as a key area of growth when he became chief executive officer in 2018, is now contending with its persistent cash burn as he tries to stay the course. Effectively a giant startup inside the bank, Marcus is set to post cumulative losses topping $4 billion since inception, according to the people, who asked not to be identified discussing internal business. That’s not including Goldman’s acquisition of installment-loans provider GreenSky Inc. in a deal initially valued at more than $2.2 billion last year at what turned out to be the peak of the market for fintech ventures.
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