Goldman CEO Solomon Shakes Up Consumer Banking Plans

Goldman Sachs ventured into retail banking with Marcus, aiming to expand beyond its traditional Wall Street operations. However, the expansion proved costly, and the expected success has not materialized. The bank is now reevaluating its strategy, focusing on leveraging its existing wealth channels rather than direct consumer marketing. Despite challenges, the consumer deposits business remains strong, providing a diversified funding source. The bank acknowledges the need to restructure and streamline operations to enhance returns.

In what ways has Goldman Sachs leveraged its existing resources to market consumer products?

What role do consumer deposits play in Goldman Sachs' business strategy?