Goldman to Emphasize Digital Banking Services

By Daniel Huang 

Goldman Sachs Group Inc. is preparing for a more digital future.

The Wall Street bank announced Monday in an internal memo that Harit Talwar, who formerly oversaw the card business at Discover Financial Services, will help lead an effort to use new technologies to expand certain customer and small-business segments at the company.

In a firmwide memo reviewed by The Wall Street Journal, Chief Executive Lloyd Blankfein and Chief Operating Officer Gary Cohn identified "digitally led banking services to consumers and small businesses" as an "area of opportunity."

"The traditional means by which financial services are delivered to consumers and small businesses is being fundamentally re-shaped by advances in technology," the memo continued.

Mr. Talwar, who also previously worked at Citigroup, will focus on building out the digital operations of Goldman Sachs Bank USA, the company's deposit-taking arm established as a New York state-charted bank in 2008.

The hire could portend an increased focus for Goldman on helping wealthy individuals with their finances. The investment bank has historically focused on large institutional investors and corporate clients.

Write to Daniel Huang at [e-mail]

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