Goldman Sachs' push into consumer finance presents significant opportunities for growth, President and COO David Solomon said Monday.
Marcus, the bank's consumer lending business, accounts for $1 billion of Goldman's plan to grow revenue by $5 billion, Solomon said. "We're very excited about the opportunity."
Consumers have taken out $3 billion in loans through Marcus, which has deposits of more than $20 billion. More than 1 million additional customers are expected to come from Goldman's acquisition of personal finance start-up Clarity Money, announced earlier this month.
"We have the advantage of actually having a lot of experience building technology platforms that connect businesses, clients, customers et cetera," Solomon said. "We've got a lot of experience with that."
Solomon became second in command at the Wall Street giant last month, taking on the role of sole president and chief operating officer after Harvey Schwartz retired from the bank. Goldman CEO Lloyd Blankfein called Solomon the "CEO-in-waiting" earlier this month.