Goldman Sachs Group is launching a digital wealth-management platform.Customers can open an account with a minimum of $1,000, the banking giant said.Goldman Sachs Group is launching a digital wealth-management platform that allocates and rebalances customers' wealth across portfolios of stocks and bonds.
The low-cost platform, Marcus Invest, will allocate wealth based on models developed by the bank's investment-strategy group. The latest digital banking push is in line with CEO David Solomon's plan to reduce Goldman's reliance on volatile trading and investment banking revenue, while shifting focus towards Marcus, its consumer banking unit.
The bank launched Marcus in 2016 to diversify its revenue and funding sources by offering savings accounts and personal loans to retail customers. On Friday it announced it hadGoldman also has an existing Marcus consumer-banking app.
SAI So when people lose all their money this time they can go protest outside the Internet Service Provider instead of bank branches