Launched in 2016, Marcus has so far managed to attract 13 million customers, with deposits of more than $100 billion. However, the bank is now set to refocus on its traditional strengths, reorganized into three division: the asset and wealth management unit, a trading and investment banking business, and a platform solutions division housing retail operations such as the Apple credit card and transaction banking.
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Goldman Sachs folds Marcus into wealth management unit
"The concept of really being broad with a consumer footprint is not really playing to our strengths. But when you look at our wealth platform...the ability to add banking services to that and align it with that actually plays to our strength."
