Ismail formally assumed control of the consumer bank at the start of the year. The departures are a setback for Goldman, which had just entrusted Ismail and Stark with bigger roles. He’s credited as one of the key architects behind Goldman’s push into Main Street, seeing through the growth of Marcus into a billion-dollar business in five years. Ismail, in particular, offers rare credentials. The audacious poaching punctuates years of warnings by bank leaders that their industry faces tough new challengers, after regulators smoothed the way for corporate giants and Silicon Valley to expand into payments and other services. Walmart’s move - depriving one of Wall Street’s elite firms of the talent atop its own foray into online banking - underscores the seriousness of the retailer’s intent to intertwine itself in the financial lives of its customers. “We wish these two well.” Walmart didn’t immediately respond to calls seeking comment. “Our business has serious momentum and a deep and growing bench of talent,” said Andrew Williams, a Goldman Sachs spokesman.
#OMER ISMAIL GOLDMAN SACHS LINKEDIN FREE#
Subscribe to Bull Sheet for no-nonsense daily analysis on what’s happening in the markets, delivered free to your inbox. The world’s largest retailer made a splash last month after disclosing plans to offer financial services with an independent venture in a tie-up with investment firm Ribbit Capital without offering much detail.ĭavid Stark, one of his top lieutenants at Goldman, will join him in the new venture, the people said, asking not to be identified as the moves haven’t been announced. Omer Ismail, the head of Goldman’s consumer bank, is making a surprise exit to the fintech, according to people with knowledge of the matter.
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