Goldman Consumer Head marches to run Walmart Fintech

Mr. Ismail, who joined Goldman nearly 20 years ago, was among a group of executives who came up with a strategy to expand into digital banking services in 2014. Late last year, this business it generated annual revenues of $ 1.2 billion, had accumulated $ 97 billion in deposits and maintained $ 8 billion in consumer loan balances.

Walmart said in January that it was creating a majority-owned fintech subsidiary in partnership with venture capital firm Ribbit Capital,

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a sponsor of Credit Karma Inc., Affirm Holdings Inc.

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and other fast-growing startups.

“Our customers have made it clear that they want more of us in terms of financial services,” Doug McMillon, chief executive of Walmart, said at an investor event earlier this month. “This new approach will help us deliver them in a differentiated way more quickly.”

Some of the people said that David Stark will join Mr. Ismail at Walmart. An old Citigroup Inc.

executive who joined Goldman in 2015, Stark helped him land and build credit card deals with Apple Inc.

and General Motors Co.

Bloomberg News previously reported that Messrs. Ismail and Stark were leaving Goldman to join Walmart’s fintech startup.

Goldman has changed the ranks of its consumer business in recent months. Former strategy chief Stephanie Cohen was promoted to global co-director of Goldman’s consumer and wealth management division. Goldman also recently hired Swati Bhatia from the start of Stripe Inc. payments. in a lead role in Marcus.

“Our business has a strong momentum and a bank of deep, growing talent,” a Goldman spokesman said in an email. A Walmart representative did not immediately respond to a request for comment.

Following Mr Ismail’s departure, Harit Talwar will once again play a more active management role at Marcus. Talwar previously served as global head of Goldman’s consumer business until early 2021, when he took over as president.

Write to Peter Rudegeair to [email protected]