By Daniel Huang
Goldman Sachs Group Inc. is preparing for a more digital
future.
The Wall Street bank announced Monday in an internal memo that
Harit Talwar, who formerly oversaw the card business at Discover
Financial Services, will help lead an effort to use new
technologies to expand certain customer and small-business segments
at the company.
In a firmwide memo reviewed by The Wall Street Journal, Chief
Executive Lloyd Blankfein and Chief Operating Officer Gary Cohn
identified "digitally led banking services to consumers and small
businesses" as an "area of opportunity."
"The traditional means by which financial services are delivered
to consumers and small businesses is being fundamentally re-shaped
by advances in technology," the memo continued.
Mr. Talwar, who also previously worked at Citigroup, will focus
on building out the digital operations of Goldman Sachs Bank USA,
the company's deposit-taking arm established as a New York
state-charted bank in 2008.
The hire could portend an increased focus for Goldman on helping
wealthy individuals with their finances. The investment bank has
historically focused on large institutional investors and corporate
clients.
Write to Daniel Huang at daniel.huang3@wsj.com
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