Goldman’s consumer push is growing fast. Deposits on Marcus more than doubled from $24b at the start of 2019 to $60b at the end, and revenues were up 41% from last year. With the increase in investments in consumer, Goldman’s still laggining behind in profitability with JPMorgan, which enjoyed a 15% ROE in 2019 versus Goldman’s 10%.
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Why Goldman Sachs is playing catch-up with JPMorgan
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“I think there’s a strong case for Goldman to evolve more towards the consumer side,” said Devin Ryan, banks analyst at JMP Securities. “It’s obviously going to be a very small business in the very near term but the longer term opportunity [is bigger]. If you look at JPMorgan’s or some of the other incumbents’ results they suggest that each one of these individual units that they’ve launched could represent billions of dollars of revenue.”
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