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The Marcus portal, which lets customers check balances and set up recurring transactions, will one day serve as the bank's storefront and one-stop shop for an array of digital banking services. Marcus is expanding from its two products - savings and personal loans - to potentially include wealth management, mortgages, car loans, insurance, and cards beyond the Apple Card.
But as last week’s disclosure showed, Goldman’s retail business is tiny compared with rivals. High expenses as the company ramped up investments in Marcus and the Apple Card meant the business generated a fraction of the profit of the bank’s other, mature lines. Marcus has collected about $55 billion in deposits and made $5 billion in loans, a pittance compared with the more than $1 trillion in deposits and $900 billion in loans J.P. Morgan Chase and Bank of America each have.
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