Goldman Consumer Leaves to Walmart Fintech

Mr. Ismail, who first joined Goldman almost 20 years ago, was among a group of executives who came up with a strategy in 2014 to expand into digital banking. By the end of last year, the business had generated $ 1.2 billion in annual revenue. collected $ 97 billion in deposits and kept $ 8 billion in consumer loan balances.

Walmart said in January that it owns a fintech subsidiary in the majority in a partnership with venture capital firm Ribbit Capital.,

LEAP -1.14%

a subsidiary of Credit Karma Inc., Affirm Holdings Inc.

AFRM -1.20%

and other fast-growing startups.

“Our customers were clear that they wanted more from us in terms of financial services,” Walmart CEO Doum McMillon said at an investor event earlier this month. “This new approach will help us deliver to them faster in a differentiated way.”

Some people said David Stark would join Mr. Ismail joins Walmart. A former Citigroup Inc.

CEO who joined Goldman in 2015, Mr. Strongly helped set up credit card deals with Apple Inc.

and General Motors Co.

Bloomberg News reported earlier that Messrs. Ismail and Stark Goldman leave to join Walmart’s fintech business.

Goldman has reshuffled the ranks of its consumer business over the past few months. Former Chief Strategy Officer Stephanie Cohen was promoted to co-head of Goldman’s Consumer and Wealth Management division in September last year. Goldman also recently acquired Swati Bhatia from the payment company Stripe Inc. appointed to a senior role at Marcus.

“Our business has serious momentum and a deep and growing bank of talent,” a Goldman spokesman said in an email. A Walmart representative did not immediately respond to a request for comment.

After the departure of mr. Ismail, Harit Talwar will return to a more active management role at Marcus. Mr. Talwar was previously the world head of Goldman’s consumer industry until the beginning of 2021, when he took over the role of chairman.

Write to Peter Rudegeair by [email protected]