Goldman Sachs CEO Lloyd Blankfein on Consumer Lending With "Marcus"
Goldman Sachs’ move into consumer lending may seem like a bit of a departure for the investment banking giant. But CEO Lloyd Blankfein says its expertise in fintech makes the business a good fit.
“If you are lending money to 5 million people, it’s a little bit more math, a little bit more algorithmic, a little bit more about digital delivery,” the executive told Cheddar.
“And in this new world that we’ve entered into, to be a good consumer lender, it’s advantageous not to have legacy assets like branches, to have lower costs, and to be able to engage with your client and offer them flexible products digitally, and then to manage that with skills that everybody recognizes we have.”
The company launched “Marcus by Goldman Sachs”, a digital consumer loan platform, in October 2016. Through November, the business had already issued $2 billion in loans.
Blankfein says Goldman Sachs offers an advantage competitors can’t.
“We already have deposit taking where we give a very high interest rate, because you don’t have to pay for branches,” he said. “And the consumer business, where we’re certainly charging people a lot less than what they’re paying on their credit card balances. So it’s good for the consumer, good for Goldman Sachs, and probably good for the country.”
Blankfein says the business will “move the needle for Goldman Sachs.”
For full interview [click here](https://cheddar.com/videos/goldman-sachs-ceo-lloyd-blankfein-weighs-in-on-market-volatility-crypto-and-trump).
Sports Illustrated's employee union said in a statement that the layoffs would be a significant number and possibly all, of the NewsGuild workers represented.
CEO and founder of Pinstripes Dale Schwartz shares his thoughts on taking the company public, why they're set for growth this year, and why he's not concerned about inflation weighing on the restaurant sector.
With hype continuing to build for A.I. projects, expert insight on what companies seem poised to benefit, plus how it will impact the lives of everyday consumers.
Ford says it’s reducing production of the F-150 Lightning electric pickup vehicle as it adjusts to weaker-than-expected electric vehicle sales growth. The automaker said about 1,400 workers will be impacted by the move.
Walmart Inc. is raising the starting base pay for store managers, while redesigning its bonus plan that will put more of an emphasis on profits for these leaders.
Despite concerns about shipping delays in the Red Sea, RSM Chief Economist Joe Brusuelas says there are still reasons to be optimistic about the state of the U.S. economy.
Dan Ives, Managing Director and Senior Equity Analyst at Wedbush Securities dives deeper into a report by the International Data Corporation (IDC) that Apple has ended Samsung's 12-year reign as the world's largest smartphone seller.
