Last Thursday, after more than a year of design and development, Goldman Sachs introduced its first-ever built-from-scratch consumer product to the wider world. Dubbed “Marcus,” the firm is positioning the product as a way for consumers to refinance their credit card debt, via unsecured personal loans of up to $30,000.
The Marcus team is in the process of sending three million letters to pre-qualified prospects—and now customers are starting to materialize. “I got an email last evening that we booked our first loans,” Goldman CFO Harvey Schwartz told analysts on today’s third quarter earnings call, in response to a question about Marcus-related disclosures. “Obviously as it grows and becomes more meaningful we’ll spend more time with you on it,” he added.
Overall, it was a strong quarter for Goldman. Earnings were up 47%, after a dismal first-half of 2016.