In 1869, a German immigrant named Marcus Goldman moved to New York City to launch a new business targeted at small businesses to help them secure short-term capital. Over the next few years, Marcus Goldman’s son, Henry Goldman, and son-in-law, Samuel Sachs, joined him, and the firm became a partnership with a new name: Goldman Sachs & Co.Over the next century and a half, the firm turned itself into a giant, announcing an annual revenue of $59.34B and annual net earnings of $21.64B in 2021. Approximately 98% of the annual revenues came from Investment Banking, Global Markets, Asset Management, and Wealth Management businesses.In this blog, we look at the digital bets Goldman has made on its diversification strategy towards building a consumer-centric digital finance business – Marcus by Goldman Sachs.Marcus, from the outside, may look like an innocuous neobank initiative aimed at unlocking retail banking opportunities for the global investment bank, but look deeper, and it seems like a riddle wrapped in a mystery inside an enigma.The firm’s evolutionary tale from ‘Goldman Sachs by Marcus’ to ‘Marcus by Goldman Sachs’ is an exciting one, especially given that the neobanking sector has faced a slew of failures and setbacks in recent […]