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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Discover Financial Services | NYSE:DFS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
3.75 | 2.74% | 140.81 | 141.95 | 136.74 | 137.00 | 2,126,083 | 00:41:06 |
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 Inc., 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 historically has focused on large institutional investors and corporate clients.
The move is Goldman's latest in a series of steps to explore the opportunities arising from new technologies. In April, the bank participated in raising $50 million for bitcoin startup Circle Internet Financial Ltd., which enables customers to digitally store and transfer money using bitcoin-based systems.
Buoyed by the growth of online marketplace firms such as LendingClub Corp. and OnDeck Capital Inc., the digital consumer lending space has seen many entrants in recent years. Doug Lebda, chief executive of LendingTree Inc., another peer-to-peer lender, noted in an earnings call last week the increasing congestion. "What we hear from our personal loan lenders, is that they have seven to 10 times more money to lend than they can actually lend," Mr. Lebda said.
Mr. Talwar, who will join Goldman as a partner, previously worked at Discover for 15 years, where he most recently served as chief marking officer and executive vice president of card programs. He will be based in New York.
Peter Rudegeair contributed to this article.
Write to Daniel Huang at daniel.huang3@wsj.com
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