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Thursday, June 17, 2021

Goldman Sachs hires Uber’s Peeyush Nahar to run consumer bank Marcus

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A Goldman Sachs brand is seen displayed on a smartphone display screen.

Omar Marques | SOPA Photographs | LightRocket | Getty Photographs

Goldman Sachs has a brand new head for its retail banking division.

The agency lured Peeyush Nahar, an Uber know-how govt and 14-year veteran of Amazon, to take over the function vacated when Omer Ismail left in February, Goldman advised staff Monday in an inner memo.

The transfer ought to shore up considerations over management at Goldman’s fledgling shopper division. The financial institution created Marcus in 2016 to make its first foray into the patron banking realm. But simply because the division started to choose up steam, garnering billions of {dollars} in deposits and rolling out new services like private finance instruments and an automatic funding device, it was struck with defections.

After Ismail and a prime deputy left to affix Walmart‘s new fintech start-up, a string of different govt departures adopted, together with the chief monetary officer and head of product for the patron financial institution, which incorporates the Marcus model and a rising secure of partnerships together with the Apple Card.

At Uber, Nahar led a worldwide engineering division throughout fintech, insurance coverage, funds and infrastructure, in response to the Goldman memo, which was reported on earlier by Dow Jones. He begins at Goldman subsequent month.

“Peeyush will lead the enterprise in its subsequent part of development, serving to drive ahead our dedication to our clients and make us the place they go to handle their funds,” the financial institution mentioned.

 

This is the memo:

Might 17, 2021
Peeyush Nahar Joins Goldman Sachs as a Accomplice and World Head of the Client Enterprise

We’re happy to announce that Peeyush Nahar will be a part of Goldman Sachs as a accomplice and international head of the Client enterprise on June 1. On this function, Peeyush will drive ahead our bold plans to construct the main digital shopper banking platform and empower tens of hundreds of thousands of consumers to fulfill their monetary objectives.

After we began the Client enterprise in 2016, we acknowledged there was a chance to disrupt monetary companies and make a significant distinction in shoppers’ lives. We’re pleased with the unimaginable progress the workforce has made to ascertain this enterprise as a development engine for the agency in addition to a transformative drive within the trade. Peeyush will lead the enterprise in its subsequent part of development, serving to drive ahead our dedication to our clients and make us the place they go to handle their funds.

With greater than 20 years of expertise in know-how, monetary companies and retail, Peeyush has been on the forefront of constructing a few of the most progressive companies throughout industries. He shares our ardour for customer-centricity and has a monitor file of beginning with the shopper and dealing backwards to handle actual buyer wants. All through his profession, he has introduced collectively cross-functional groups and leveraged know-how to remodel industries, create profitable franchises and ship cutting-edge merchandise and experiences. We’re excited to carry his various experiences into the agency as we scale the Client enterprise.

Most just lately, Peeyush was vp of Know-how at Uber, the place he led a worldwide engineering workforce throughout fintech, security, insurance coverage, threat, funds and infrastructure companies. Previous to Uber, Peeyush spent 14 years at Amazon, the place he was a pacesetter in utilizing know-how to construct scalable companies together with Amazon’s business-to-business market, Amazon Lending and the machine studying platform for Alexa.

To get to know Peeyush higher, take heed to this week’s Workplace Hours podcast episode. Please be a part of us in welcoming Peeyush to the agency and wishing him success in his new function.

Tucker York
Stephanie Cohen
Harit Talwar

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