Goldman Consumer Head leaves to lead Walmart Fintech

Mr. Ismail, who first joined Goldman nearly 20 years ago, was one of a group of executives who devised a strategy in 2014 to expand into digital banking services. had collected $ 97 billion in deposits and $ 8 billion in consumer loan balances.

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

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a financier 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 from us in financial services,” Doug McMillon, Walmart’s chief executive, said at an investor event earlier this month. “This new approach will help us deliver faster for them in a differentiated way.”

David Stark will join Mr. Ismail at Walmart, some of the people said. A former Citigroup Inc.

A director who joined Goldman in 2015, Mr. Stark helped land and set up credit card offers 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 reshuffled the ranks of its consumer business in recent months. Former strategic head Stephanie Cohen was promoted to global co-head of Goldman’s consumer and asset management division last September. Goldman also recently hired Swati Bhatia from the payment company Stripe Inc. in a senior role with Marcus.

“Our company has serious momentum and a deep and growing pool of talent,” a Goldman spokesperson said in an email. A Walmart representative did not immediately respond to a request for comment.

Following Mr. Ismail’s departure, Harit Talwar will return to a more active management role at Marcus. Mr. Talwar served as Goldman’s global head of consumer operations until early 2021, after which time he held the role of chairman.

Write to Peter Rudegeair at [email protected]