Goldman Sachs has announced its decision to divest its digital investment advisory unit, Marcus Invest, by selling its accounts to robo-advisor Betterment. This move marks a strategic shift for Goldman Sachs, signaling its intent to step back from the digital investment advisory sector and concentrate on its core digital banking offerings. Launched in 2016, Marcus serves as Goldman Sachs' digital consumer banking and lending platform, offering a range of financial products such as deposits, credit cards, and savings accounts. Since 2022, Marcus has operated within Goldman Sachs' asset and wealth management division, aligning with the bank's broader strategy to transition its focus away from retail banking.
According to Marcos Rosenberg, Global Head of Goldman Sachs Marcus, the decision to sell Marcus Invest's investment accounts to Betterment reflects the bank's commitment to realigning its priorities. The sale allows Goldman Sachs to concentrate its efforts on strengthening the Marcus Deposits platform, which boasts over three million customers globally and holds more than $100 billion in consumer deposits. Betterment, with its extensive experience and robust infrastructure, will offer transitioning account holders access to automated investing, tax, and planning tools, enhancing their financial management capabilities. Financial terms of the agreement remain undisclosed as the transition is expected to be completed by June 29, 2024.
