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| Goldman Sachs launches new small loan service called Marcus | Goldman Sachs launches new small loan service called Marcus |
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| Goldman Sachs, the US banking giant, has settled on a surprisingly informal name for its new online lending business: Marcus. | Goldman Sachs, the US banking giant, has settled on a surprisingly informal name for its new online lending business: Marcus. |
| The full name – Marcus by Goldman Sachs – is the result of extensive market research and is meant to establish a sense of familiarity with the brand. It is a homage to Marcus Goldman, a German immigrant who founded the firm in 1869. | The full name – Marcus by Goldman Sachs – is the result of extensive market research and is meant to establish a sense of familiarity with the brand. It is a homage to Marcus Goldman, a German immigrant who founded the firm in 1869. |
| Goldman Sachs wanted the name to put the light on its digital offering by making it sound more like trendy tech start-up rather than a Wall Street giant. | Goldman Sachs wanted the name to put the light on its digital offering by making it sound more like trendy tech start-up rather than a Wall Street giant. |
| Marcus was reportedly first referred to internally as Mosaic and has been operating with a staff of around 100 people. | Marcus was reportedly first referred to internally as Mosaic and has been operating with a staff of around 100 people. |
| It is expected to be unveiled formally in October, offering relatively small consumer loans to individuals, a business the bank has previously shied away from. | It is expected to be unveiled formally in October, offering relatively small consumer loans to individuals, a business the bank has previously shied away from. |
| Goldman has historically been known for catering to the super-rich, wealthy institutions and corporate giants. But volatile markets and tighter regulations introduced after the financial crisis have pushed the bank to look for other sources of revenues. | Goldman has historically been known for catering to the super-rich, wealthy institutions and corporate giants. But volatile markets and tighter regulations introduced after the financial crisis have pushed the bank to look for other sources of revenues. |
| In April, Goldman launched GS Bank a separate online deposit-taking platform that welcomed customers making deposits of as little as $1, with a 1.05 interest on their money. | In April, Goldman launched GS Bank a separate online deposit-taking platform that welcomed customers making deposits of as little as $1, with a 1.05 interest on their money. |
| Within the past year seveal scandals have tarnished the bank's reputation. Earlier this summer, Goldman faced criticism over its connection to 1MDB a Malaysian sovereign wealth fund at the centre of a corruption probe. The fund is under investigation over US government allegations that billions of dollars were diverted for the personal use of officials. | Within the past year seveal scandals have tarnished the bank's reputation. Earlier this summer, Goldman faced criticism over its connection to 1MDB a Malaysian sovereign wealth fund at the centre of a corruption probe. The fund is under investigation over US government allegations that billions of dollars were diverted for the personal use of officials. |
| Edwin Chin, a former senior trader at Goldman Sachs, this week agreed to pay a fine of $400,000 and be barred from the securities business for at least two years for misleading customers into to paying more for residential mortgage-backed bonds. | Edwin Chin, a former senior trader at Goldman Sachs, this week agreed to pay a fine of $400,000 and be barred from the securities business for at least two years for misleading customers into to paying more for residential mortgage-backed bonds. |