The firm is disbanding its consumer and commercial banking division and will make the Marcus brand one of the new business offerings that can be sold to its wealth management unit’s expanding roster of clients.
A shifting C&I landscape, heated competition for deposits and red flags in consumer lending also took center stage in often testy exchanges between bankers and analysts on quarterly earnings calls.
The firms' profit reports this week showed they're increasingly rushing into the booming market for lending to high-net-worth individuals. So far, it's paying off: Morgan Stanley has tripled those loans in the past five years, while Goldman Sachs is expanding overseas.
A definition would give lenders a clearer idea of what practices are off limits; the mutual fund giant will provide the service for institutional clients.
When Stephanie Cohen earned the chief strategy officer’s job at Goldman Sachs in January, she was told she had a blank sheet of paper. Cohen responded by, among other things, launching an internal incubator for new business ideas.
